TAG | high commissions by brokers
Brett Henderson (CRD #2420629, Registered Representative, North Salt Lake City, Utah)
was fined $95,000, which includes restitution of $82,505 payable to customers, and suspended from association with any FINRA member in any capacity for 11 months. Henderson consented to the described sanctions and to the entry of findings without admitting or denying the allegations, that he engaged in a pattern of unsuitable VA switch transactions, employing a “one-size-fits-all” investment strategy for his diverse customer base.
FINRA’s findings stated that Henderson justified these switches by using the same rationale that the new annuity provided better features without fully describing how it provided customers with better features.
These findings stated the customers paid significant surrender penalties of $82,505 for the annuity switches and Henderson received approximately $84,296 in commissions.
Allegedly, Henderson conducted inadequate independent research or analysis into the features of the VA he recommended or the different aspects and risks of the product before recommending it.
The suspension is in effect from April 16, 2012, through March 15, 2013.
(FINRA Case #2009019513902)
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you have investment losses call for a free consultation on how to potentially recover those losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.
Soreide Law Group, PLLC., representing investors nationwide
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