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Variable Annuities

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December 30, 2021 Fraudulent Offerings, Unsuitable Recommendations Linked to Northstar Financial Service (Bermuda)
May 06, 2021 A Truly International Operation: Northstar Financial Services (Bermuda)'s Liquidation Will Result in Significant Losses
January 15, 2021 Transamerica Financial Advisors to Pay $8.8 Million Over Unsuitable Recommendations Charges
April 16, 2019 Frederick Holloway Barred for Improper Variable Annuity Exchange Recommendations & Dishonest Conduct
April 01, 2019 Ed Matthes Barred After Misappropriation, Forged Account Statement Allegations
March 29, 2019 JWE Investigating Brokers Who Sold Future Income Payments (FIP) in $300 Million Ponzi Scheme
March 11, 2019 SEC Joins FINRA in Barring Arrested WF Broker John Schmidt over Elder Fraud
January 23, 2019 FINRA's 2019 Exam Priorities Feature Senior Protections, Suitability, Outside Business Activities
December 10, 2018 FINRA Reports Problems with Overconcentration in REITs, Unsuitable Variable Annuity Recommendations
October 15, 2018 Charla Kabana Barred During Investigation into Variable Annuity Business at LPL Financial
September 21, 2018 FINRA Sanctions Ryan Logan for Commission Sharing After Unregistered Assistant Sold Variable Annuities Without a License
July 26, 2018 National Planning Corp, Investment Centers of America, SII Investments and IFC Holdings Fined $1.7 Million, Ordered to Pay $6 Million in Restitution for Variable Annuity Sales Misconduct
July 24, 2018 FINRA Fines Royal Alliance, FSC, SagePoint Financial, and Woodbury $1 Million for Variable Annuity Supervision Violations
January 30, 2023 SoCal Broker Jay Eng Cited for Impersonating Customer in Call with Annuity Company
December 13, 2022 LPL Financial Fined $150k, Admonished for Failing to Supervise Broker Involved in Ponzi Scheme
August 05, 2022 Philip Smith Suspended by FINRA After Series of Complaints, Unsuitable Variable Annuity Recommendation
August 05, 2022 Camille Cordova Sanctioned for Unsuitable Variable Annuity Recommendations
July 27, 2022 David Hixon Sanctioned Over Improper Money Borrowing, Loans
June 15, 2022 Megurditch Patatian Barred for $8 Million of Unsuitable REIT & Variable Annuity Recommendations
January 14, 2022 Royal Alliance Associates, Sagepoint Financial & FSC Securities Sanctioned for Supervisory Failures; SagePoint Cited for Failing to Monitor Known Problem Brokers
May 11, 2021 UnionBanc Investment Services Fined $100k for Variable Annuity Supervision Woes
March 25, 2021 The Logan Group Securities Cited for Multi-Share Class Variable Annuity Violations
March 02, 2021 Megurditch Patatian Accused of Unsuitable REIT Recommendations Funded Through VA Surrenders
February 25, 2021 VALIC Financial Advisors Fined $350,000 for Variable Annuities Failures After Prior $1.75 Million Fine
February 11, 2021 FINRA Fines Triad Advisors $150,000 Over Poor Mutual Fund & Variable Annuity Switches That Resulted in Customer Losses
February 10, 2021 My Financial Girlfriend CEO Lisa Brumm Sanctioned for Unsuitable Variable Annuity Recommendations
December 17, 2020 FINRA Charges Nicholas Baecker with Forging Customer Signatures on Forms
November 25, 2020 FINRA Finds Variable Annuities, Life Insurance Liquidation Strategy Unsuitable, Cites ON Equity Sales Broker
September 19, 2020 Voya Broker James Flynn Racks Up Suitability Complaints, Reportedly Flees to Caribbean
September 03, 2020 Wells Fargo Variable Annuity Supervision Violations Net $2 Million in Fines and Restitution
August 13, 2020 Ex-First Allied Broker Kimberly Barensten Cited for Charging Undisclosed VA Fees
March 04, 2020 AXA Advisors' Billy Zhang Cited After Settling Misuse-of-Funds Complaint Away From Firm
December 18, 2019 CUSO Financial Services' Gerald Coyne Latest Firm Rep Sanctioned After VA Investigation
September 23, 2019 Clay G Erickson Sanctioned in $5 Million-Worth of Unauthorized VA Transactions
August 21, 2019 FINRA Sanctions SoCal Brokers for Failing to Cooperate with Investigations
August 08, 2019 Karen Paek Barred Over Fake Variable Annuity Applications & Forgery
May 09, 2018 Fifth Third Securities to Pay $6 Million for Variable Annuity Suitability and Disclosure Failures
April 11, 2018 Brent Lott Fined & Suspended for False Documentation Scheme in Connection with Heinz VA Ponzi
January 22, 2018 Sandeep Varma Cited for Misleading Estate Planning Seminar Communications
December 27, 2017 NASAA Identifies Notes, Real Estate, Ponzi, Oil and Gas, Affinity Fraud, and Variable Annuities as Biggest Investor Threats
December 11, 2017 NEXT Financial to Pay $750,000 in Latest Disciplinary Action Concerning Habitual Deficiencies and Systematic VA Failures
November 13, 2017 Accused of Elder Fraud in Trying to Generate Commissions, FINRA Bars Hank Werner for Churning and Excessive Trading
September 22, 2017 SII Investments Charged with REIT Supervisory Failures in Liquid Net Worth Overvaluations
September 19, 2017 With 33rd Disclosure Since 2002, Broker Tiffany Ann De Ruosi (Rigali), Criminal Record in Hand, is Suspended
August 01, 2017 LPL's Cooke, Hood, Laws & Long Charged in Variable Annuity Fraud Scheme Targeting Federal Employees
July 31, 2017 Fictitious Letters to Elderly VA Customer Earns Jason Belajack a Permanent Bar in Latest Discipline of Ex-ACG Broker
July 28, 2017 FINRA Bars Kim Dee Isaacson for Defrauding Elderly Customer
June 09, 2017 FINRA Sanctions James Cox for Unsuitable VA Recommendations, Outside Business Activity, Misrepresentation, Mutual Funds
May 08, 2017 Walter Marino Charged with Collecting $60k Commissions as Clients Lost Money Over Unsuitable Variable Annuity Replacements
May 04, 2017 FINRA Fines Summit Equities $325,000 for Variable Annuity-related Supervisory Failures, IME Fund Collapse
April 24, 2017 John Olinghouse Sanctioned for Falsifying Documents, Settling Elder Diminished Capacity Customer's Complaint Away from Firm
February 09, 2017 Dion Padilla Sanctioned for Unauthorized, Misrepresented, and Concealed Variable Annuity Purchase
January 26, 2017 New Complex Buffer Annuity Drawing Regulator's Interest: "Does the firm understand it? Does the rep?"
December 05, 2016 FINRA's Recent Sanctions Underscore Compensation and Conflict of Interest Priorities
December 02, 2016 MA Charges LPL Financial for Adviser Roger Zullo's Alleged Variable Annuity Fraud, Elder Abuse
November 28, 2016 VALIC Financial Advisors Fined $1.75 Million for Conflict of Interest, Supervisory Failures Related to Variable Annuities
November 09, 2016 Stanley Niekras Accused of Misrepresentation, Billing Elderly Clients for $70,000-worth in Fabricated Fees
November 02, 2016 Eight Firms Fined $6.2 Million for Variable Annuity L-Share Supervisory Failures
October 04, 2016 Betty Lai Johnson Disciplined for Impersonating Customer, Liquidating Account
August 24, 2016 Ex-LPL Financial & Crown Capital Broker Eric Kuchel Barred After Failing to Cooperate with Mutual Fund Investigation
August 06, 2016 Hank Werner Charged with Fraudulent Churning, Excessive Trading, Unsuitable VA Recommendation Against Elderly, Blind Widow
July 27, 2016 FINRA Bars Retirement Income Planner Nathan Silva for Failing to Cooperate with Misconduct Investigation
July 21, 2016 Bernard McGee Barred for Fraudulent Annuity Sales, Lying About Surrendering Elderly Client's VA for Charitable Gift Annuity
July 20, 2016 Prudential Annuities Fined $950k for Failing to Prevent Theft of $1.3 Million From Elderly Client's VA
July 11, 2016 Update: Winston Turner Barred for Variable Annuity Fraud and/or Deception
June 16, 2016 Robert Myers Fined $20k, Suspended for Disputed VA Fees Classified as Unapproved Outside Business Compensation
June 09, 2016 Shannon Rowland Barred for Converting Funds for Personal Use
May 11, 2016 FINRA Announces MetLife VA Information for Harmed Investors: Acceptance of Compensation Does Not Prevent Pursuit of Claims Against MetLife
May 05, 2016 FINRA Opens Investigation into John Hudnall for Alleged Improper REIT Sale to Senior, Annuity Violations & Selling Away
May 03, 2016 MetLife Securities Ordered to Pay Record-High $25 Million for Negligent Variable Annuity Replacement App Misrepresentations and Omissions
March 02, 2016 Former MetLife & Prudential Broker Winston Turner Accused of Variable Annuity Fraud and/or Deception
November 10, 2015 MetLife: FINRA to Seek Significant Fine for Variable Annuities Violations
October 01, 2015 FINRA Fines, Suspends Todd Shanholtzer for Mishandling, Misusing $58k of Customer Funds in Variable Annuity Product
August 19, 2015 Glenn Moffitt Barred Over Allegations He Converted Over $370,000 from Elderly Customer, Churned His Accounts
August 05, 2015 Michael J Talin Barred for Failure to Cooperate with Misappropriation, Elder Theft Investigations
June 29, 2015 Bruce R Geiger Fined & Suspended for Falsifying Annuity and Life Insurance Forms Causing $500k in Withdrawals
June 24, 2015 SEC to Fight Financial Elder Abuse and Fraud by Upping Broker and Advisor Oversight in Retirement Accounts
June 17, 2015 Heedo "Joshua" Han Barred for Failure to Cooperate with Investigation into Forgery Case
June 05, 2015 William G Stapleton Barred After Investigation into Annuity Misrepresentations
May 06, 2015 FINRA Sanctions LPL Financial $11.7 Million for Major Supervisory Failures in ETF, REIT and VA Products
April 14, 2015 Under FINRA Investigation for Duping Elderly Investors, Broker Richard Ohrn Fakes Disappearance at Sea
March 13, 2015 With 14 Pending Customer Disputes Alleging Misrepresentation and False Statements in Variable Annuity Transactions, FINRA Files Complaint Against Anthony Diaz
February 04, 2015 William R. Kinyon Barred for Misuse of Elderly Client's Variable Annuity Funds
December 03, 2014 Tammara Lynne Collins Fined & Suspended for Improperly Altering Annuity Purchase Documents
November 15, 2014 OC's Robert Klein, Other Brokers with History of Disciplinary 'Red Flags' Flocking to Hotspots for Misconduct, Elderly Investors
October 02, 2014 SWS Charged with Inadequate Supervision of VA Transactions
June 06, 2014 Concentration Risk: The Implications of Putting All Your Eggs in One Basket
May 05, 2014 Popularity of Liquifying Home Equity, Cash-Out Refinancing Increases as Valuation Increases
April 02, 2014 Former MetLife Brokers Christopher Birli & Patrick Chapin Named in Civil Complaint Regarding $21 Million Annuities Scheme
March 14, 2014 SEC Charges Brokers Michael Horowitz, Moshe Marc Cohen with $80 Million Variable Annuity Fraud
January 23, 2014 SEC National Exam Program Issues Broker-Dealers Priorities List for 2014
January 07, 2014 FINRA to Firms: Investment by Seniors Subject to Special Compliance Considerations
November 06, 2013 Meghan E. Kassel Fined and Suspended for Submitting Falsified Variable Annuity Document
October 29, 2013 About Time: FINRA Files Complaint Alleging Unsuitable Recommendations, Falsification of Records After Beverly Hills Broker Bambi Holzer Suspended From Industry
April 08, 2013 Karl Edward Hahn Ordered to Pay $11 Million to Customer for Investment Fraud & Misrepresentation
March 24, 2013 LPL Financial Firm Under Fire and On Radar with Several Securities Regulators
March 12, 2013 Adorean Boleancu (Wells Fargo) Ordered to Pay $650,000 in Restitution for Improper Conversion of Funds
February 20, 2013 John L. Gathright Jr. Barred for Misappropriating Annuity Funds After Completing VA Surrender Request Forms
February 13, 2013 Jeffrey Alan Hutman Fined & Suspended in Relation to Variable Annuity Transactions Outside of Firm
February 12, 2013 Richard Lee Ell Sanctioned in Connection with Variable Annuity Transaction Charges & Complaint
February 05, 2013 Gabriel Arnaud Dupin De Saint Cyr Fined & Suspended After Forging Form Signatures
February 01, 2013 Henry John Dellaquila Fined $55,000 and Suspended for Unauthorized Variable Annuity Transactions
January 15, 2013 Adam Spencer Deane Suspended & Fined $25,000 for Improper Out-of-State VA Transaction
December 20, 2012 Daniel Leland Chiddister Fined & Suspended for Impersonating Potential Customers
December 06, 2012 Wedbush Securities Fined $375,000; Richard Anthony Lanni and Ronald Edward Vogel Fined and Suspended for Poor Supervisory Systems Related to Variable Annuities
October 12, 2012 United Planners & CCO Douglas Hall Fined for Lack of Supervision with respect to Variable Annuities
July 11, 2012 Brett David Henderson Fined $95,000 and Suspended for Unsuitable VA Switch Transactions

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