Articles Tagged with Fines

AdobeStock_35532974-1-300x200Stoltmann Law Offices continue to investigate Securities America, after it was fined $175,000 by FINRA. Between August 2014 and January 2016, FINRA charged that brokers with Securities America, overlooked or violated suitability concerns with two classes of variable annuities that were sold.  During this time frame, FINRA alleged that Securities America received close to $53 million from sales of share class variable annuities, including over $6 million from the sale of 1,904 L-share contracts.  These products have shorter surrender periods, and are therefore more expensive.  Investors pay a higher fee in exchange for increased liquidity which is unsuitable for many investors.  Firms that fail to disclose to investors these risks and fees, are more likely to be confronted with allegations of misconduct in the course of their business.

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