Park Avenue Securities, LLC, was fined $300,000.00 and censured by the Financial Industry Regulatory Authority Inc. (FINRA) for its supervision of variable annuity (VA) sales.
According to FINRA, from Jan. 1, 2013 through March 3, 2015, Park Avenue Securities allegedly "failed to establish, maintain and enforce a supervisory system and written supervisory procedures reasonably designed to ensure that representatives' recommendations concerning multi-share class variable annuities.”
FINRA stated that during that time frame, Park Avenue Securities sold approximately 12,732 variable annuity contracts, of which almost 2,600, approximately 20%, were L-share contracts that had shorter surrender periods and carried fees typically between 35 and 50 basis points higher than those of the most commonly sold B-share contracts.
FINRA said Park Avenue Securities allegedly did not provide training to their brokers on the various share classes and the associated fees and surrender charges, and did not provide them with adequate information to compare share classes to make suitability determinations. Also, according to FINRA, Park Avenue had no surveillance procedures to determine if any of its representatives had inappropriate rates of variable annuity exchanges.
Park Avenue Securities, LLC, based in New York, has over 400 offices nationwide.
If you've experienced losses in variable annuities purchased through Park Avenue Securities, contact Soreide Law Group and speak to an experienced securities lawyer at no cost, regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA and we operate on a contingency fee basis--no fee to you if no recovery.
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