{"id":11346,"date":"2024-04-09T09:32:11","date_gmt":"2024-04-09T13:32:11","guid":{"rendered":"https:\/\/www.silverlaw.com\/blog\/?p=11346"},"modified":"2024-04-09T09:32:11","modified_gmt":"2024-04-09T13:32:11","slug":"principal-securities-sued-over-brokers-churning","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/principal-securities-sued-over-brokers-churning\/","title":{"rendered":"Principal Securities Sued Over Broker\u2019s Churning"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-10205 size-full\" src=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/10\/FiverrLossesSmall.jpg\" alt=\"Minnesota-based broker-dealer Principal Securities has been sued by a local nonprofit over allegations of churning in variable annuities by one of its former registered representatives. The company disclosed this information in its recently filed annual focus report with the SEC. Principal Securities is also the subject of a separate FINRA arbitration claim based on the actions of the same representative.\n\nThe plaintiff in this case is the Legacy of Angels Foundation, a 501 (c)(3) nonprofit and private family foundation with the mission, \u201cTo improve the lives of children by working to promote the expansion of newborn screening, and to further education, awareness, and research for Krabbe disease and Cystic Fibrosis to provide a better treatment and a cure.\u201d \u00a0In June 2023, the nonprofit became known as the Rosenau Family Research Foundation. \u00a0\n\nIn the lawsuit, the plaintiff alleges that Principal Securities made unsuitable recommendations, failed to supervise, and forfeiture of fees and commissions collected by the representative. The representative was not named in the report. The company expects losses in this case to be between $3 million and $5 million. The report was filed with the SEC on February 28, 2024.\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/10\/FiverrLossesSmall.jpg 300w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/10\/FiverrLossesSmall-180x120.jpg 180w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>Minnesota-based broker-dealer Principal Securities has been sued by a local nonprofit over allegations of churning in variable annuities by one of its former registered representatives. The company disclosed this information in its recently filed annual focus report with the SEC. Principal Securities is also the subject of a separate FINRA arbitration claim based on the actions of the same representative. <a href=\"https:\/\/www.silverlaw.com\/blog\/principal-securities-sued-over-brokers-churning\/#more-11346\" class=\"more-link\">Continue reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Minnesota-based broker-dealer Principal Securities has been sued by a local nonprofit over allegations of churning in variable annuities by one of its former registered representatives. The company disclosed this information in its recently filed annual focus report with the SEC. Principal Securities is also the subject of a separate FINRA arbitration claim based on the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[589,585],"tags":[],"class_list":["post-11346","post","type-post","status-publish","format-standard","hentry","category-churning-2","category-variable-annuities"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Principal Securities Sued Over Broker\u2019s Churning &#8212; Securities Arbitration Lawyers Blog &#8212; April 9, 2024<\/title>\n<meta name=\"description\" content=\"Minnesota-based broker-dealer Principal Securities has been sued by a local nonprofit over allegations of churning in variable annuities.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.silverlaw.com\/blog\/principal-securities-sued-over-brokers-churning\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Principal Securities Sued Over Broker\u2019s Churning &#8212; 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Securities Arbitration Lawyers Blog &#8212; April 9, 2024","twitter_description":"Minnesota-based broker-dealer Principal Securities has been sued by a local nonprofit over allegations of churning in variable annuities.","twitter_image":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/10\/FiverrLossesSmall.jpg","twitter_misc":{"Written by":"Silver Law Group","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.silverlaw.com\/blog\/principal-securities-sued-over-brokers-churning\/#article","isPartOf":{"@id":"https:\/\/www.silverlaw.com\/blog\/principal-securities-sued-over-brokers-churning\/"},"author":{"name":"Silver Law Group","@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/de64d999508b1ad10d608a99f0d2e752"},"headline":"Principal Securities Sued Over Broker\u2019s Churning","datePublished":"2024-04-09T13:32:11+00:00","mainEntityOfPage":{"@id":"https:\/\/www.silverlaw.com\/blog\/principal-securities-sued-over-brokers-churning\/"},"wordCount":467,"image":{"@id":"https:\/\/www.silverlaw.com\/blog\/principal-securities-sued-over-brokers-churning\/#primaryimage"},"thumbnailUrl":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/10\/FiverrLossesSmall.jpg","articleSection":["Churning","Variable Annuities"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.silverlaw.com\/blog\/principal-securities-sued-over-brokers-churning\/","url":"https:\/\/www.silverlaw.com\/blog\/principal-securities-sued-over-brokers-churning\/","name":"Principal Securities Sued Over Broker\u2019s Churning &#8212; 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