Jeffrey Alan Gielau, formerly with Westlake Village, California based Financial West Investment Group, submitted a letter of acceptance, waiver, and consent after the Financial Industry Regulatory Authority (FINRA) entered findings that he had his non-licensed sales assistant sign as agent of record on a customer's variable annuity (VA) replacement form. FINRA's findings stated that the form was necessary for the customer to replace a VA he purchased from the firm where Mr. Gielau had been terminated for falsifying customer signatures with a product from another insurance company.
An annuity is a form of insurance that offers a series of payments for a period of time. Variable annuities are typically higher in risk when compared other types of annuities and depend on how the stock market is performing. Buyers have the option to allocate the cash invested into different types of assets such as mutual funds, indices, fixed income investments or bonds, and cash. Most variable annuities do not have principal protection, so investors can lose money if markets deteriorate.
Mr. Gielau knew that his sales assistant, as a non-licensed person, was not allowed to sign the form as the agent of record. Mr. Gielau, of Orange, California, was fined $5,000 and suspended from association with any FINRA member in any capacity for 30 days. The suspension was in effect from January 7, 2013 through February 5, 2013, and the fine must be paid either immediately upon Mr. Gielau's re-association with a FINRA member firm following his suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier.
Have you suffered losses in your Financial West Investment Group brokerage account? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is actively investigating and accepting clients with valid claims against Financial West Investment Group stockbrokers who may have engaged in misconduct and caused investors losses.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at firstname.lastname@example.org for answers to any of your questions about this blog post and/or any related matter.