<prompt> Human: Background: I just started working at a small bank less than 30 branches in the Northwest, Im looking forward to working towards a career in commercial banking, but Ive started as a teller to learn operations and this bank has good training programs. My mom has been in commercial banking for 38 years, shes helping me on my career track.My boss is a woman who doesnt listen well, doesnt take correction, and makes sure you know she doesnt appreciate feeling stupid. If I ask her a question she doesnt know the answer to, she stares at me while smiling and just blinks a few times, shell hold the gaze too intimidation tactic? its so weird. She also bad mouths everyone she works with in upper management, a lot of gossip too.The situation: My mom had an IRA at a different bank and wanted to move it, and also wanting to support me she asked about my banks IRA accounts. My boss put together a proposal and sent it home with me. As my mom and I looked over her proposal we found she was trying to sell a 10 year Annuity which shes being very pushy about, and honestly, its a terrible deal just as an Annuity but heres the worst party: Its not an IRA but my boss thinks it is. She told us in writing its a tax sheltered account, and its not.If we went through with it, this is what would have happened:1. it wouldnt have been a transfer IRA, it would have been a full withdrawal of her IRA funds, meaning theres all taxes immediately due on 66k USD. My mom is in the 28 tax bracket. Theres also a 10 penalty with withdrawing funds before age 59 and 12, and shes 58 years old. So due that first year in taxes would have been 25k USD.2. If she didnt have 25k lying around to pay the taxes, she would have to withdraw funds from the annuity she just purchased, which has an 8 penalty on principal for early withdrawal in the first year. 3. If the above happened, due to my moms extensive banking knowledge she would have contacted the bank president and sued the bank, and they probably would have settled because no bank wants that egregious of an error to mar their reputation and banks have insurance accounts that cover errors like this. My boss would probably be fired as a result as well. This puts me in a precarious position. My mom simply told my boss she decided to go with charles schwabb, which is fine, lucky shes smart and crisis is averted.The pickle Im in now: shes continuing to push customers into annuities that are not tax sheltered but telling them they are. Shes telling small business owners they can open 401ks for themselves then making them sign annuities made with untaxed profits from their businesses, or that they can roll their 401k or IRA into an annuity thats tax sheltered, which it isnt and they cant. The business owners likely wont get Fd until theyre audited, so it could be a few years. I think my boss has been doing this for 2 years so far without fallout, while receiving the bonus she gets for annuity investment sales. If I say anything to upper management, politically it could ruin me its complicated, I cant go into detail. I dont think my boss would be receptive to correction from an entry level teller, and theres also the chance that she knows what shes doing. I cant figure out a way to tell the customers without implicating myself in a massive violation of bank policy. My moms career advice is to stand by, dont say anything and let the fallout come without involving myself. She says managers like mine -always- get bitten by doing things like this. She gives it 3-4 years maximum before my boss is fired or promoted to a place of total ineptitude, then fired. Meanwhile I have a moral dilemma, I care for the customers. I dont want them to get audited and Fd, I want their retirement accounts to give them good returns and a long happy retirement. I dont want their businesses to suffer. Many are first generation immigrants and wouldnt know to sue the bank and be irate anyway. Is there anyway to stop this without implicating myself? I also dont know how far up it goes, what if our regional director knows about it? Or what if its an honest mistake and my manager really is just that stupid?The bright side is its a small bank and she really isnt that successful.TLDR; my manager is lying either knowingly or unknowingly to sell annuities with a high penalty for early withdrawal for a bonus.P.S. Ideas Ive already had: apply to other banks and expose everything. 2, send out an email about helpful differences between IRAs 401ks and Annuities to try to tip off other employees tooAssistant: Doing nothing illegal. This is why it is your responsibility to really read everything before signing up.Human: It should be, but its more a question of morality.  <response>: anon tip to SECFINRA and OCC should get her looked at, and if shes doing anything dirty you dont know about they might find it 