MetLife: FINRA to Seek Significant Fine for Variable Annuities Violations

MetLife Inc. announced it is expecting a "significant fine" for potential variable annuities (VA) violations originating from affiliated broker-dealer MetLife Securities, Inc. (MSI), which FINRA advised will likely be part of disciplinary action for improper retirement and savings product sales.

The firm disclosed the anticipated penalty in its quarterly regulatory filing, which may be found on page 93 of the Form 10-Q quarterly report filed with the SEC and publicly available to investors under the heading "FINRA Investigation of Sale and Replacement of Variable Annuities."

For the quarter, MetLife estimated possible legal costs in excess of reserves as high as $425 million, compared to $410 million at the end of the previous quarter.

According to MetLife's statement, FINRA's staff investigated misrepresentations, suitability, and supervision violations in connection with VA sales and has indicated they will seek a "significant fine" against MetLife for the misconduct.

If you have invested with MetLife Securities or with any broker or financial adviser who has misrepresented or recommended an unsuitable variable annuity or other securities product that has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

Related Posts
  • As Credit Suisse Shareholders Suffer Losses, AT1 Bond Holders Lose Everything Read More
  • Beverly Hills Broker Antoine Souma Barred After Failing to Cooperate with FINRA Investigation Read More
  • Centaurus Financial Penalized $1 Million for Unsuitable Structured Product Sales Read More