Securities Arbitration Lawyers BlogCetera Subsidiaries Ordered to Pay More Than $6 Million for Variable Annuities Violations
The Financial Industry Regulatory Authority (“FINRA”) fined eight firms, including VOYA Financial Advisors (CRD# 2882) (“VOYA”) and five broker-dealer subsidiaries of Cetera Financial Group (Cetera Advisor Networks LLC (CRD# 13572)), for failing to supervise sales of variable annuities (VAs). The eight firms are required to pay a fine of $6.2 million in total.
The eight firms and the respective fines are as follow: VOYA, fined $2.75 million; Cetera Advisor Networks, fined $750,000; Cetera Financial Specialists LLC (CRD# 10358), fined $350,000; First Allied Securities, Inc. (CRD# 32444), fined $950,000; Summit Brokerage Services, Inc. (CRD# 34643), fined $500,000; VSR Financial Services, Inc. (CRD# 14503), fined $400,000; Kestra Investment Services, LLC (CRD# 42046), fined $475,000; and FTB Advisors, Inc. (CRD# 17117), fined $250,000.
Cetera Financial Group owns Cetera Financial Specialists, Cetera Advisor Networks, First Allied, Summit, and VSR. For more information on Cetera, visit our firm’s background page on the broker-dealer and its subsidiaries.