Vicki Gunvalson, the former star ofThe Real Housewives of Orange County, is facing serious legal troubles as she has been sued for financial elder abuse and fraud.According to documents acquired byIn Touch, the lawsuit was initiated byDiane Field. The legal filing reveals that Diane and her husband,George Field, entrusted 90 percent of their combined net worth to stocks and mutual funds with a firm in Orange County over a span of 22 years. From 1997 to 2019, Diane claims they managed to sustain their lifestyle solely through their salaries and pensions, only withdrawing funds from these accounts to cover taxes.
George suffered severe injuries in a bicycle accident in 2002, leading Diane to be in charge of their finances. Diane mentioned they had approximately $6 million, which was placed in an investment account and a separate account for their daughter. In 2019, Diane recounted meeting Vicki through a friend who had arranged an appointment with the reality star to discuss investments. During the meeting, Diane noted that Vicki had shown no interest in working with this friend due to her friend not having $500,000 to invest. Instead,Vicki offered to help manage Diane’s finances and suggested investing in Allianz annuities despite Diane’s preference for the stock market. Diane claimed that her familiarity with stocks and mutual funds might be better because it had always been the foundation of her and George’s finances.
Diane Followed Vicki’s Financial Guidance
The lawsuit states that Vicki told Diane it would be better to talk with her partner Ali because she is an “expert in the stock market and that together they could put her in a safer, diversified plan that would also help lower the taxes she had been paying.“Diane agreed because she was interested in lowering her taxes. According to Diane,the lawsuit statesthat they told her they could reduce her income taxes and increase future/potential financial capital for her children. During this period, Diane asserted that George’s health had significantly deteriorated.
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Diane recounted multiple discussions with Vicki and Ali regarding investments. She stated that they assured her the Allianz 222 Annuity was a secure and prudent investment that would yield profits. According to Diane,Vicki continuously emphasized the safety of this annuity and highlighted the potential decrease in income taxes and financial security for her children in the future. The lawsuit detailed, “Vicki’s persuasive arguments led Diane to believe she could rely on her. Reflecting on the situation, Diane believes her emotional distress at the time played a role in her decision to trust Vicki and Ali, who appeared genuine and acted in her best interests.”
The Breakdown in Vicki’s Investment Plan for Diane
Diane insisted that she trusted Vicki and Ali’s “fraudulent sales tactics with the promise that it would lower her taxes,” sowhen they instructed her to transfer funds, Diane didn’t question it. She alleged that the pair had her purchase a life insurance policy, assuring her that it would only require a single payment of $300,000. In the beginning of 2021, Diane claimed that another $300,000 payment was made for her life insurance policy, even though she believed it was a one-time payment, not an annual one. She explained thatshe made the payment because she felt like she had no other choice. Diane’s husband, George, passed in October 2021. Around February 2022, Diane paid another $300,000 premium on the life insurance policy.
In August 2022,Diane moved her money out of the account managed by Ali. By December 2022, Diane had surgery to remove lung cancer and expressed her worries to Vicki and Ali about their investment advice over the years.She felt Vicki and Ali didn’t keep her informed, and the annuities and life insurance policy they convinced her to open weren’t the best choices for her. She believed these investments tied up large sums of her money for too long, possibly longer than she would live or be able to enjoy.
In the legal documents obtained, Diane mentioned that she reached out to Allianz in April 2024 to ask about her account afterVicki kept calling her to pay more money. During the call, an Allianz agent informed her that her account had an excess amount of money, $600,000, as she had been paying $300,000 annually in premiums.The agent told Diane that she did not need to make any more paymentsbecause of this. In the end, Diane has accused Vicki and Ali of financial elder abuse, claiming they pressured her into harmful agreements. The lawsuit is seeking unspecified damages for the defendant’s actions.
The Real Housewives of Orange Countyairs on Bravo on Thursdays at 9 p.m. ET. Episodes are available to stream on Peacock the next day.
The Real Housewives of Orange County
A look at five families living in a protected Southern California enclave, and the real-life housewives who reside in one of the wealthiest planned communities in the country.
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