Tag: Variable Annuity
Massachusetts Fines MassMutual Subsidiary $250,000 for Failing to Supervise Broker
The Massachusetts Securities Division has levied a $250,000 fine against MLS Investment Services LLC, a subsidiary of MassMutual, over the company’s failure to supervise...
Equitable Financial to Pay $50 Million to Settle SEC’s Fraud Charges
The Securities and Exchange Commission has charged Equitable Financial Life Insurance Company with fraud after the company allegedly provided account statements to roughly 1.4...
FINRA Suspends Two Former Transamerica Reps for Designating Themselves as VA...
The Financial Industry Regulatory Authority has fined and suspended former Transamerica registered representatives, Wenru Liang and Jenny Xinfang Feng, who were both accused of...
Transamerica to Pay $8.8 Million to Settle FINRA Charges
The Financial Industry Regulatory Authority has ordered Transamerica Financial Advisors Inc. to pay a $4.4 million fine, plus nearly $4.4 million in restitution after...
FINRA Bars Broker for Forging Customer Signatures on VA Policy Documents
The Financial Industry Regulatory Authority has barred Cristina Sabengsy, formerly with NYLIFE Securities LLC, for allegedly forging customer signatures on insurance and variable annuity...
SEC Bars Longtime Transamerica Broker for Stealing
The Securities and Exchange Commission has barred Pedro Gonzalez-Seijo, a broker formerly affiliated with Transamerica Financial Advisors Inc., after he pled guilty to bank...
SEC Bars Former Royal Alliance Adviser Sentenced for Multi-Million Dollar Fraud
The Securities and Exchange Commission has barred Kimberly Kitts, a former Royal Alliance adviser, who pleaded guilty late last year to criminal charges including...
FINRA Fines Woodbury $225,000 Over Variable Annuity Supervision Issues
The Financial Industry Regulatory Authority has fined Woodbury Financial Services, an independent broker-dealer in the Advisor Group network, for not having a system in...
Former Royal Alliance Adviser Pleads Guilty to Criminal Fraud Charges
Kimberly Kitts, a former Royal Alliance financial adviser, pleaded guilty to criminal charges filed by the U.S. Attorney for the District of Massachusetts. Kitts...
SEC Charges Ex-Wells Fargo Advisor for Stealing $1 Million From Elderly...
The Securities and Exchange Commission has charged a former Wells Fargo Advisors Financial Network registered representative with defrauding his retail brokerage customers out of...
Massachusetts Regulator Fines Infinex for Improper VA and REIT Sales
The Massachusetts Securities Division, led by Secretary of the Commonwealth William Galvin, has fined broker-dealer Infinex Investments Inc. for failing to supervise agents who...
FINRA Bars Broker for Fraudulent Variable Annuity Exchange, Falsifying Documents
The Financial Industry Regulatory Authority has barred a former Navy Federal Brokerage Services advisor for allegedly engaging in securities fraud, making unsuitable recommendations, and...
FINRA Fines Fifth Third Securities $4 Million for Unsuitable Variable Annuity...
The Financial Industry Regulatory Authority Inc. has fined Fifth Third Securities Inc. $4 million and required the firm to pay approximately $2 million in...
