Failure to Supervise - Page 5 of 46 - Law Offices of Robert Wayne Pearce

459 search results found for “Failure to Supervise”

Nov 25, 2016

FTB Advisors Fined for Variable Annuity Supervisory Failures

FTB Advisors, Inc., headquartered in Memphis, TN, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for failing to adequately supervise the sales of variable annuities, specifically L-share variable annuities. Registered with FINRA since 1986, FTB Advisors currently has 355 associated persons and 82 branch offices. FINRA found that from January 2013 to December 2014, FTB Advisors failed to establish, maintain, and enforce an adequate supervisory system to identify red flags related to the sale of L-share variable annuities. Further, FINRA found that FTB Advisors failed to provide its registered representatives with proper training and guidance on suitability considerations for these variable annuities. According to FINRA, the L-share annuities are a complex investment product that is only suitable for a narrow class of investors and that FTB Advisors allegedly failed to provide its registered representatives with appropriate guidance to discern this class of investor.

Nov 23, 2016

Kestra Investment Services Fined for Variable Annuity Supervisory Failures

Kestra Investment Services, Inc., headquartered in Austin, Texas, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for failing to adequately supervise the sales of variable annuities, specifically L-share variable annuities. Registered with FINRA since 1997, Kestra Investment Services currently has 1,845 registered representatives and 639 branch offices. FINRA found that from October 1, 2013 to June 30, 2014, Kestra Investment Services failed to establish, maintain, and enforce an adequate supervisory system to identify red flags related to the sale of L-share variable annuities. Further, FINRA found that Kestra Investment Services failed to provide its registered representatives with proper training and guidance on suitability considerations for these variable annuities. According to FINRA, the L-share annuities are a complex investment product that is only suitable for a narrow class of investors and that Kestra Investment Services allegedly failed to provide its registered representatives with appropriate guidance to discern this class of investor.

Nov 21, 2016

VSR Financial Services Fined for Variable Annuity Supervisory Failures

VSR Financial Services, Inc., headquartered in Overland Park, Kansas, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for failing to adequately supervise the sales of variable annuities, specifically L-share variable annuities. Registered with FINRA since 1984, VSR Financial Services currently has 215 registered representatives and 58 branch offices. FINRA found that from January 2013 to December 2014, VSR Financial Services failed to establish, maintain, and enforce an adequate supervisory system to identify red flags related to the sale of L-share variable annuities. Additionally, FINRA found that VSR Financial Services failed to provide its registered representatives with proper training and guidance on suitability considerations for these variable annuities. According to FINRA, the L-share annuities are a complex investment product that is only suitable for a narrow class of investors and that VSR Financial Services allegedly failed to provide its registered representatives with appropriate guidance to discern this class of investor.

Nov 18, 2016

Summit Brokerage Services Fined for Variable Annuity Supervisory Failures

Summit Brokerage Services, Inc., headquartered in Boca Raton, Florida, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for failing to adequately supervise the sales of variable annuities, specifically L-share variable annuities. Registered with FINRA since 1994, Summit Brokerage Services currently has 864 registered representatives and 428 branch offices. FINRA found that from January 2013 to December 2014, Summit Brokerage Services failed to establish, maintain, and enforce an adequate supervisory system to identify red flags related to the sale of L-share variable annuities. Additionally, FINRA found that Summit Brokerage Services failed to provide its registered representatives with proper training and guidance on suitability considerations for these variable annuities. According to FINRA, the L-share annuities are a complex investment product that is only suitable for a narrow class of investors and that Summit Brokerage Services allegedly failed to provide its registered representatives with appropriate guidance to discern this class of investor.

Nov 16, 2016

First Allied Securities Fined for Variable Annuity Supervisory Failures

First Allied Securities, Inc., headquartered in San Diego, California, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for failing to adequately supervise the sales of variable annuities, specifically L-share variable annuities. Registered with FINRA since 1994, First Allied Securities currently has 1,119 registered representatives and 491 branch offices. FINRA found that from January 2013 to December 2014, First Allied Securities failed to establish, maintain, and enforce an adequate supervisory system to identify red flags related to the sale of L-share variable annuities. Additionally, FINRA found that First Allied Securities failed to provide its registered representatives with proper training and guidance on suitability considerations for these variable annuities. According to FINRA, the L-share annuities are a complex investment product that is only suitable for a narrow class of investors and that First Allied Securities allegedly failed to provide its registered representatives with appropriate guidance to discern this class of investor.

Nov 14, 2016

Cetera Financial Specialists Fined for Variable Annuity Supervisory Failures

Cetera Financial Specialists, LLC, headquartered in Schaumburg, Illinois, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for failing to adequately supervise the sales of variable annuities, specifically L-share variable annuities. Registered with FINRA since 1982, Cetera Financial Specialists currently has 1,580 registered representatives and 1,009 branch offices. FINRA found that from January 2013 to December 2014, Cetera Financial Specialists failed to establish, maintain, and enforce an adequate supervisory system to identify red flags related to the sale of L-share variable annuities. Additionally, FINRA found that Cetera Financial Specialists failed to provide its registered representatives with proper training and guidance on suitability considerations for these variable annuities. According to FINRA, the L-share annuities are a complex investment product that is only suitable for a narrow class of investors and that Cetera Financial Specialists allegedly failed to provide its registered representatives with appropriate guidance to discern this class of investor.

Nov 9, 2016

Cetera Advisor Networks Fined for Variable Annuity Supervisory Failures

Cetera Advisor Networks, LLC, headquartered in El Segundo, CA, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for failing to adequately supervise the sales of variable annuities, specifically L-share variable annuities. Registered with FINRA since 1983, Cetera Advisor Networks currently has 3,048 registered representatives and 1,209 branch offices. FINRA found that from January 2013 to December 2014, Cetera Advisor Networks failed to establish, maintain, and enforce an adequate supervisory system to identify red flags related to the sale of L-share variable annuities. Additionally, FINRA found that Cetera Advisor Networks failed to provide its registered representatives with proper training and guidance on suitability considerations for these variable annuities. According to FINRA, the L-share annuities are a complex investment product that is only suitable for a narrow class of investors and that Cetera Advisor Networks allegedly failed to provide its registered representatives with appropriate guidance to discern this class of investor.

Nov 7, 2016

Voya Financial to Pay $2.75 Million for Variable Annuity Supervisory Failures

Voya Financial Advisors, Inc. of Des Moines, Iowa submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for failing to adequately supervise the sales of variable annuity L-shares. Voya Financial Advisors (Voya Financial) was subject to a similar FINRA disciplinary action in 2015 which alleged the firm failed to supervise the sales of Unit Investment Trusts (UITs). Registered with FINRA since 1968, Voya Financial, f/k/a ING Financial Partners, Inc., currently has 2,779 registered representatives and 1,485 branch offices. FINRA found that from July 2012 to August 2014, Voya failed to establish, maintain, and enforce a supervisory system to identify red flags in the sale of variable annuity L-shares. Further, FINRA found that Voya failed to provide its registered representatives with adequate training and guidance on suitability considerations for these multi-share class variable annuities. According to FINRA, the L-share annuities are a complex investment product that is only suitable for a narrow class of investors and that Voya allegedly failed to provide its advisors with reasonable guidance to discern this class of investor.

Sep 16, 2016

Robert W. Baird & Co. and Rolf Parker Griffith III Sanctioned for Supervisory Failures

Robert W. Baird & Co. of Milwaukee, Wisconsin and Rolf Parker Griffith III of Nashville, Tennessee submitted a Letter of Acceptance, Waiver and Consent to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly failing to reasonably supervise a former registered representative’s misuse of customer funds. FINRA alleges that during the period July 1, 2013 through June 30, 2014, Robert W. Baird & Co. failed to establish, maintain and enforce a supervisory system and written supervisory procedures for correcting trade errors that was reasonably designed to ensure compliance with applicable laws, regulations and rules. FINRA claimed the brokerage firm did not provide its supervisors with any training or guidance on how to review, approve or process trade corrections in violation of NASD Conduct Rule 3010 and FINRA Rule 2010. Without admitting or denying the FINRA findings, Robert W. Baird & Co. was censured and was ordered to pay a $200,000 fine and ordered to adopt and certify to FINRA that it put in place reasonable supervisory procedures for trade corrections to prevent abuse of customers.

Sep 12, 2016

WFG Fined for Supervisory Failures

WFG Investments, Inc. of Dallas, Texas submitted a Letter of Acceptance, Waiver and Consent to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly failing to apply sales charge discounts to curtain customers’ eligible purchases of Unit investment Trusts (UITs). WFG was subject to a similar FINRA complaint in December 2014 which alleged the firm failed to supervise a representative in connection with false statements received by clients. A UIT is a type of Investment Company that issues securities, typically called “units,” representing undivided interests in a fixed portfolio of securities. UIT units are redeemable securities that are issued for a specific term, and entitle an investor to receive his or her proportionate share of the UIT’s net assets on redemption or at termination. One way to reduce the sales fee charged on a UIT purchase is through “breakpoints” which reduce client fees based on the amount they invested.

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459 search results found for “Failure to Supervise”