A Birmingham man pleaded no contest Thursday to four charges of insurance fraud in connection with applications he submitted for his clients.

According to the Michigan Attorney General’s Office, Todd Bernstein, 67, pleaded to the four felonies, each punishable by up to four years in prison. Bernstein reportedly “submitted misleading information on annuity suitability applications” on behalf of his clients, all above the age of 65, the AG’s office said. The fraud concealed information that proceeds from surrendered annuities were used to buy the new annuities.

Charges were filed against Bernstein in July and he subsequently waived a preliminary exam in 48th District Court.

As part of his plea agreement, Bernstein paid $107,918 in restitution and agreed to forfeit his insurance agent lice

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