Insights
November 3, 2016
FINRA fined eight firms a sum of $6.2 million and ordered five of them to pay an additional $6.3 million in restitution for failures in supervision that led to the sales of unsuitable variable annuity...
October 7, 2016
An annuity exchange allows brokers to transfer an investor’s funds in an annuity to a new policy without incurring tax penalties. IMS Securities, a small broker-dealer firm, was fined $100,000 b...
July 20, 2016
FINRA barred broker Bernard McGee and ordered him to pay about $250,000 in penalties for fraudulent annuity recommendations he made to an elderly customer. According to FINRA, he surrendered four vari...
July 14, 2016
FINRA banned Winston Wade Turner, a former Prudential Financial Inc. and MetLife Inc. broker, from the securities industry for making unsuitable variable annuity recommendations. Turner misled clients...
June 7, 2016
Recently, two FINRA enforcement officials emphasized at an insurance industry conference that variable annuities, which offer lifetime guaranteed income to investors but can be complicated and expensi...
May 3, 2016
MetLife has agreed to pay $25 million to settle an investigation of abuses pertaining to variable annuities. That penalty is the greatest amount ever paid for violations regarding those products. From...
March 2, 2016
FINRA has accused a former MetLife Securities Inc. and Pruco Securities Inc. broker, Winston Wade Turner, of harmful and deceptive variable annuity sales practices. According to FINRA’s complain...
December 16, 2015
An ex-New Jersey Investment Adviser pleaded guilty to 31 of 37 charges in two indictments brought against her in 2012 and 2013 for operating a $1.178 million Securities and Annuities fraud scheme, ann...
December 15, 2015
Comprehensive Asset Management and Servicing Inc. (“CAMS”) has agreed to pay $475,000 to settle claims that the firm failed to reasonably supervise representatives’ sales of variable...
November 6, 2015
MetLife Inc., the biggest life insurer in the country, said that FINRA will seek a “significant fine” from the company’s broker-dealer unit as part of an investigation into potential...
October 19, 2015
Both advisers and insurers believe that variable annuities with guaranteed benefit riders are the most complicated annuity products. Certain aspects of these annuity contracts can lead to misconceptio...
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