Soreide Law Group obtained the following information on FINRA’s website under, “Disciplinary and Other FINRA Actions, June 2018.”  Soreide Law Group has handled past cases against Park Avenue Securites. Park Avenue Securities LLC (CRD #46173, New York, New York) was censured, fined $300,000 and required to submit a written certification to FINRA that it has […]

AThe Financial Industry Regulatory Authority Inc. (FINRA) fined Fifth Third Securities $4 million and ordered it to pay approximately $2 million in restitution to their clients.  FINRA stated they fined Fifth Third for "failing to appropriately consider and accurately describe the costs and benefits of variable annuity exchanges." FINRA also stated that this was the […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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. […]