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April 26, 2018
FINRA Fines and Censures Park Avenue Securities $300K

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 […]

April 5, 2018
FINRA Complaint Filed Against FREDERICK DAVID HOLLOWAY of HOLLOWAY & ASSOCIATES, INC.

On April 2, 2018, FREDERICK DAVID HOLLOWAY (CRD#: 248814) was named a respondent in a FINRA complaint alleging that as the sole registered representative and owner of his member firm, Holloway & Associates Inc., he allegedly recommended that his clients exchange one deferred variable annuity contract (VA) for another without having a reasonable basis for […]

December 11, 2017
NEXT FINANCIAL GROUP Fined Again by FINRA

On December 6, 2017, Houston-based, NEXT FINANCIAL GROUP, INC. CRD#: 46214, SEC#: 51356 agreed to pay a $750,000 fine to FINRA and were required to retain an independent consultant to conduct a comprehensive review of the adequacy of the firm’s policies, systems and procedures (written and otherwise) and training, as part of settlement for a […]

February 6, 2015
FINRA Names Products on Their Watch List for 2015

The Financial Industry Regulatory Authority (FINRA) named eight products it will be monitoring in 2015. These are products which could lead to risks for investors, many of whom do not know enough about the products before investing in them. FINRA feels brokers also need to learn more about these products before they sell them to […]

January 9, 2015
Former Woodbury Financial Services New York Broker Ordered to Return Commissions From Variable Annuities on Terminally Ill

Moshe Marc Cohen, a former Woodbury Financial Services New York broker, allegedly participated in a scheme to profit from the death of terminally ill patients through variable annuity sales. A U.S. Securities and Exchange Commission judge ruled on Wednesday that Cohen must return $768,000 in commissions according to a recent article in Reuters. The SEC […]

October 8, 2014
SWS Financial Charged by FINRA with Improper Supervisory Systems for Variable Annuities

The Financial Industry Regulatory Authority Inc. (FINRA) charged SWS Financial Services Inc. with violating the rules requiring firms to have supervisory systems and written procedures to supervise variable annuity transactions. Allegedly, SWS allowed several variable annuity applications with no principal review for suitability. FINRA alleges that this occurred from Sept. 2009 to May 2011. These […]

August 6, 2014
Ohio Firm Censured and Fined $100,000 Over Variable Annuity Sales

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. […]

April 17, 2013
FINRA Awards $11 Million to Investor

A Financial Industry Regulatory Authority (FINRA) arbitration panel ordered a former employee of Merrill Lynch, Deutsche Bank, and Oppenheimer & Co. to pay nearly $11 million to an investor who alleged his broker, Karl Hahn, misrepresented securities and made excessive trades. The investor’s case against the former broker Karl Hahn, stems from transactions involving covered […]

January 13, 2013
Did You Invest With Beverly Hills Broker Bambi Holzer?

Soeide Law Group is currently investigating broker, Bambi I. Holzer, CRD #1088028. Ms. Holzer is currently a registered representative with Newport Coast Securities of Beverly Hills, CA. There have allegedly been numerous (over 50) reports filed against her in her 25+ year career, and over $11 million in awards and settlements. Several of these complaints […]

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