Tag Archives: Variable Annuities

FINRA Fine World Equity VA Sales

On Oct. 15, FINRA settled with World Equity for $480k re VA sales. Firm was fined $100k and ordered to pay $380k restitution for customers. Did not ensure representatives, principals complied with FINRA Rule 2330. Review of VA Sales While firm had registered principals responsible for review and approval of variable annuity purchase and exchange,…
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FINRA Fine for VA Redemptions

On Jul. 16, FINRA fined Cambridge $150k on redemption of VAs. Cambridge Investment Research fined for redemption of VA, leveraged ETFs. Alleged Violations Customers redeemed VAs, and moved their proceeds to an advisory account. Employees were involved with, and recommended some of the transactions. No systematic supervision or record of redemption or procedures for doing.…
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