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Voya Financial Advisors, Inc.

Background Information

Voya Financial Advisors (Voya) is broker-dealer whose primary clients are individuals, high net worth individuals and pension and profit sharing plans. Headquartered in Des Moines, Iowa, Voya has over 1,500 branch offices nationwide and markets itself as “America’s Retirement Company”. Voya was previously ING US, Inc. and has been registered with FINRA and the SEC since 1968. The rebranding to Voya occurred in April, 2015.

Regulatory Violations

Voya Financial Advisors, Inc. has been the subject of may regulatory investigations, some of which have resulted in disciplinary actions by regulators.

FINRA Fines and Sanctions

Source: FINRA, Financial Industry Regulatory Authority, Inc. Full Disciplinary Reports Available to the public at: finra.org.

Voya Financial Advisors, Inc. (CRD #2882, Des Moines, Iowa) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $325,000 plus interest. Without admitting or denying the findings, Voya consented to the sanctions and the findings that it failed to identify and apply volume discounts to certain eligible purchases of non-traded REITs and business development companies. This resulted in customers paying excessive sales charges. The firm failed to establish, maintain and enforce supervisory system and procedures with respect to these sales. (FINRA Case #2014042939401)

Voya Financial Advisors, Inc. (CRD #2882, Des Moines, Iowa) submitted a Letter of Acceptance, Waiver and Consent in which the firm and four control affiliates were censured and fined $1,200,000. Voya (formerly ING Financial Partners) was responsible for $347,394.96 of the fine. Without admitting or denying the findings, the firms consented to the sanctions and the findings of violations of supervision and email retention requirements over an extended period of time. The firms self-reported the email issues and undertook an internal review of their supervisory policies, procedures and systems relating to these issues. The issues resulted in a widespread failure to retain and review emails as required by FINRA and federal securities laws. (FINRA Case #2012031270301)

Silver Law Group

Silver Law Group is a nationally recognized securities and investment fraud law firm with Martindale-Hubbell® Peer Review Ratings™ “AV” rated lawyers that handle all securities arbitration matters on a contingency fee basis. The Law Firm, at no cost to investors will review account activity and account statements to determine whether there was any misconduct, whether there are damages and the legal causes of action. We investigate all sales practice violations, while taking into consideration the investor’s age, investment background, and the relationship between the investor and the brokerage firm and its financial advisor. According to securities industry rules and regulations, unsuitable investment advice, securities concentration, fraudulent misrepresentations and omissions of material facts, breach of fiduciary duty, conflicts of interest, variable annuity switching are among the causes of action that may be available to investors in claims for damages against brokerage firms and their financial advisors in a securities arbitration claim filed with the Financial Industry Regulatory Authority (FINRA). We represent investors in FINRA arbitration claims on a contingency fee basis.

To learn more call us at (954) 755-4799 or Toll Free at (855) 755-4799

Client Reviews
“My in-laws lost their retirement funds to a dishonest broker. Silver Law Group and Scott Silver aggressively pursued their losses until he got their money back.” Ben M.
“I foolishly gave my money to a con artist promising me a great return on my money. Scott Silver zealously handled the matter, recovering my losses.” Darren S.
“I almost lost a lifetime of earnings after trusting the wrong person. Silver Law Group guided me through the arbitration process and a mediation, always fully prepared and committed to my case.” Scott T.