Great American Advisors, Inc. (CRD #36451, Cincinnati, Ohio)
was censured and fined $100,000 by FINRA for failure to have adequate supervisory systems in place for the sale of variable annuities.
FINRA's findings stated that because of this, two of Great American Advisors' independent contractor representatives recommended unsuitable variable annuity transactions for Great American Advisors clients. The independent contractors and Great American Advisors earned improper commissions and the clients paid $363,173 in unnecessary surrender fees and incurred longer surrender periods.
FINRA's findings also stated that Great American Advisors did not have an adequate supervisory system in place that ensured procedures were properly implemented. Great American Advisors failed to ensure that the sales of variable annuities by the representatives adhered to their written procedures.
FINRA also noted that Great American Advisors not have a system or Web-based access to a database that allowed it to adequately compare the annuity to be replaced with the other variable annuities.
(FINRA Case #2009019513903)
This summarization of information from FINRA's website under "Disciplinary and Other Actions, July, 2014," ends here.
If you or a loved one have experienced investment losses due to your stock broker or financial advisor’s recommendations of annuities, call Soreide Law Group for a free consultation with an attorney on how to potentially recover your annuity losses: 888-760-6552.
Investors apparently complained about securities broker Devlin H. Dwyer. [CRD: 6634140, Atlanta, Georgia], based on public information on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Dwyer worked for Patrick Capital Markets LLC from November 22, 2016, to March 9, 2026. See below to find out more about the disclosures involving this securities broker. Patrick Capital Investor […]
Investors have reportedly disputed the sales practices of securities broker Jennifer Lasser Eilers (also known as Jennifer Ann Costello and Jennifer Ann Lasser) [CRD: 2410129, Niles, Illinois], according to disclosures located on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Jennifer Eilers worked for BMO Harris Financial Advisors Inc. from February 19, 2021, to March 24, 2021, […]
Investors potentially experienced sales practice violations by securities broker Gabriel D. Candea (also known as Gabe Candea) [CRD: 5531840, Santee, California], given the publicly available information found on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Gabriel Candea worked for Emerson Equity LLC from January 14, 2022, to the present as a securities broker in Irvine, California, […]
Phone:
Fax: 1-954-760-6553
Email: info@securitieslawyer.com