Edgar Allen Thomas (CRD #2231242, Registered Principal, Winter Haven, Florida)
was fined $5,000 and suspended from association with any FINRA member in any principal capacity for 10 business days.
Without admitting or denying FINRA's findings, Thomas consented to the described sanctions and to the entry of
findings that he failed to reasonably supervise a registered representative with his member firm who recommended deferred VA purchases or exchanges to customers without having a reasonable basis to believe that the customer had been informed of the potential surrender periods and surrender charges associated with the deferred VAs or the potential charges for and features of riders associated with the annuities.
FINRA's findings stated that Thomas failed to reasonably respond to the inaccurate information that the representative provided to customers in the firm’s deferred VA disclosure forms, and rather than require
correction of the misinformation, Thomas accepted the representative’s explanation that the customers fully understood the terms of the deferred VAs.
This suspension was in effect from August 20, 2012, through August 31, 2012.
(FINRA Case #2010021108002)
The above information is from FINRA’s website listed under “Disciplinary and Other FINRA Actions, October, 2012.”
Lars K. Soreide, of Soreide Law Group, PLLC, represents clients nationwide. For a free consultation on how to potentially recover your financial losses call: 888-760-6552, or you may visit our website and complete the online form at: https://www.securitieslawyer.com.
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