In January 2021, VALIC Financial Advisors, Inc. entered into a settlement with the Financial Industry Regulatory Authority (FINRA) for misconduct related to improper recommendations of variable annuities, in violation of FINRA Rules. According to FINRA’s Letter of Acceptance Waiver, and Consent (AWC), VALIC consented to a censure, a $1,750,000 fine, and—among other things—the following findings: Continue reading ›
The Variable Annuity Life Insurance Company (VALIC), a unit of AIG, was recently ordered to pay a penalty of $19,943,753 for—according to the SEC—breaching its fiduciary duty to clients in connection with its mutual fund sales practices. The SEC’s investigation into VALIC’s misconduct was part of a broader investigation into other misconduct by VALIC, including undisclosed and improper payments to a company owned by Florida teachers’ unions in exchange for the union’s endorsement and referrals of clients to VALIC. Continue reading ›
The Variable Annuity Life Insurance Company (VALIC), a unit of AIG, recently agreed to pay a $20 million settlement related to an action brought by the Securities and Exchange Commission. The SEC action related to VALIC making improper payments to a for-profit entity owned by Florida teachers’ unions in exchange for the unions’ endorsement of VALIC’s financial services. VALIC was in turn pushing improper investment products on investors without full disclosure of its arrangement with the union. The settlement was part of a larger $40 million settlement related to a broader investigation into other VALIC misconduct. Continue reading ›
Before Securities America, Westenbarger was registered with First Allied Securities, Inc. (CRD# 32444), American Portfolios Financial Services, Inc. (CRD# 18487), Invest Financial Corporation (CRD# 12984), Sigma Financial Corporation (CRD# 14303), and OneAmerica Securities, Inc. (CRD# 4173). Continue reading ›
Richard Wesselt (a/k/a Rich Wesselt, Richard M Wesselt, CRD#: 2195569), a currently-registered broker with Fortune Financial Services, Inc. (CRD#: 42150) in Collegeville, Pennsylvania, is the subject of 16 disclosures on his publicly-available FINRA BrokerCheck report.
Wesselt has been a broker since 1992 and previously worked for The O.N. Equity Sales Company (CRD#: 2936), Stern Agee Financial Services, INC. (CRD#: 18456), American Investment Services, Inc. (CRD#: 21111 expelled), W.S. Griffith & Co., Inc. (CRD# 10410), and PML Securities Company (CRD#: 4082). Continue reading ›
Bobby Coburn (CRD# 1464789) is a barred broker who formerly worked for Securities America, Inc. (CRD# 10205) in Fort Meade, FL. He previously worked for Brecek & Young Advisors (CRD# 40395), Legend Equities Corporation (CRD# 30999), Nationwide Securities (CRD# 11173), and others.
Silver Law Group represents investors in arbitration claims against Securities America, which is a subsidiary of Ladenburg Thalmann. Continue reading ›
Alberto Sanchez (CRD#: 4577983) is a now-bared broker formerly with SagePoint Financial (CRD#: 133763), MML Investors Services (CRD#: 10409), and Principal Securities (CRD#: 1137), all at Fort Lauderdale branch locations. From 2004-2013, Sanchez worked for Metlife Securities (CRD#: 14251) at their Plantation branch.
Silver Law Group represents investors in arbitration claims against SagePoint Financial. Our investment fraud law firm is in the Fort Lauderdale area and we can meet with you in person to answer any questions. Continue reading ›
Scott Silver, managing partner of Silver Law Group, delivered a presentation on variable annuity fraud at the 28th PIABA annual meeting in Austin, Texas.
What Is A Variable Annuity?
Variable deferred annuities are a hybrid investment that contains features of a security and insurance. According to FINRA, “Due to the complexity and confusion surrounding them, which can lead to questionable sales practices, variable annuities are a leading source of investor complaints to FINRA.” Continue reading ›
Silver Law Group represents investors in securities arbitration claims relating to variable annuities.
The Securities and Exchange Commission (SEC) is investigating the Variable Annuity Life Insurance Company (Valic), an American International Group, Inc. (AIG) subsidiary that specializes in retirement plans for schools, colleges, and not-for-profit organizations. Continue reading ›
A new report from FINRA finds that some brokers and brokerage firms are not doing due diligence for their customers when it comes to illiquid securities such as variable annuities, REITs, and private placements.
This new report finds that some firms rely heavily on these types of securities, over-concentrating clients in non-traded investments, including sector-specific investments and complex structured notes. Continue reading ›