{"id":2619,"date":"2017-01-17T00:00:00","date_gmt":"2017-01-17T05:00:00","guid":{"rendered":"http:\/\/silverlaw.lawblogger.net\/blog\/cetera-subsidiaries-variable-annuity-violations\/"},"modified":"2017-12-22T14:02:53","modified_gmt":"2017-12-22T19:02:53","slug":"cetera-subsidiaries-variable-annuity-violations","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/cetera-subsidiaries-variable-annuity-violations\/","title":{"rendered":"Cetera Subsidiaries Ordered to Pay More Than $6 Million for Variable Annuities Violations"},"content":{"rendered":"<\/p>\n<p>The <a href=\"https:\/\/www.finra.org\/newsroom\/2016\/finra-fines-eight-firms-total-62-million-supervisory-failures-related-variable-annuity\" target=\"_blank\">Financial Industry Regulatory Authority<\/a> (\u201cFINRA\u201d) fined eight firms, including <a href=\"https:\/\/brokercheck.finra.org\/Firm\/Summary\/2882\" target=\"_blank\">VOYA Financial Advisors (CRD# 2882)<\/a> (\u201cVOYA\u201d) and five broker-dealer subsidiaries of Cetera Financial Group <a href=\"https:\/\/brokercheck.finra.org\/Firm\/Summary\/13572\" target=\"_blank\">(Cetera Advisor Networks LLC (CRD# 13572)<\/a>), for failing to supervise sales of variable annuities (VAs).\u00a0 The eight firms are required to pay a fine of $6.2 million in total.<\/p>\n<p>The eight firms and the respective fines are as follow: VOYA, fined $2.75 million; Cetera Advisor Networks, fined $750,000; <a href=\"https:\/\/brokercheck.finra.org\/Firm\/Summary\/10358\" target=\"_blank\">Cetera Financial Specialists LLC (CRD# 10358)<\/a>, fined $350,000; <a href=\"https:\/\/brokercheck.finra.org\/Firm\/Summary\/32444\" target=\"_blank\">First Allied Securities, Inc. (CRD# 32444)<\/a>, fined $950,000; <a href=\"https:\/\/brokercheck.finra.org\/Firm\/Summary\/34643\" target=\"_blank\">Summit Brokerage Services, Inc. (CRD# 34643)<\/a>, fined $500,000; <a href=\"https:\/\/brokercheck.finra.org\/Firm\/Summary\/14503\" target=\"_blank\">VSR Financial Services, Inc. (CRD# 14503)<\/a>, fined $400,000; <a href=\"https:\/\/brokercheck.finra.org\/Firm\/42046\" target=\"_blank\">Kestra Investment Services, LLC (CRD# 42046)<\/a>, fined $475,000; and <a href=\"https:\/\/brokercheck.finra.org\/Firm\/Summary\/17117\" target=\"_blank\">FTB Advisors, Inc. (CRD# 17117)<\/a>, fined $250,000.<\/p>\n<p>Cetera Financial Group owns Cetera Financial Specialists, Cetera Advisor Networks, First Allied, Summit, and VSR.\u00a0 For more information on Cetera, visit our firm\u2019s <a href=\"https:\/\/www.silverlaw.com\/cetera-advisor-networks-llc.html\" target=\"_blank\">background page on the broker-dealer and its subsidiaries<\/a>.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.silverlaw.com\/blog\/cetera-subsidiaries-variable-annuity-violations\/\"  title=\"Continue Reading Cetera Subsidiaries Ordered to Pay More Than $6 Million for Variable Annuities Violations\" class=\"more-link\">Continue reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Industry Regulatory Authority (\u201cFINRA\u201d) fined eight firms, including VOYA Financial Advisors (CRD# 2882) (\u201cVOYA\u201d) and five broker-dealer subsidiaries of Cetera Financial Group (Cetera Advisor Networks LLC (CRD# 13572)), for failing to supervise sales of variable annuities (VAs).\u00a0 The eight firms are required to pay a fine of $6.2 million in total. The eight [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[597,585],"tags":[105,106,263,264,236,219,102,261],"class_list":["post-2619","post","type-post","status-publish","format-standard","hentry","category-l-share-variable-annuities","category-variable-annuities","tag-cetera-advisor-networks","tag-cetera-financial-group","tag-cetera-financial-specialists","tag-first-allied-securities","tag-kestra-investment-services","tag-summit-brokerage-services","tag-variable-annuities-2","tag-vsr-financial-services"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cetera Subsidiaries Ordered to Pay More Than $6 Million for Variable Annuities Violations &#8212; Securities Arbitration Lawyers Blog &#8212; January 17, 2017<\/title>\n<meta name=\"description\" content=\"If you have lost money investing in L-share variable annuities and Cetera-owned firms, contact our firm to learn how you can try to recover your losses.\" \/>\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\/cetera-subsidiaries-variable-annuity-violations\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Cetera Subsidiaries Ordered to Pay More Than $6 Million for Variable Annuities Violations &#8212; 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