Massachusetts Fines LPL Financial for Faulty Variable Annuities Switches

Posted on October 28th, 2014 at 8:19 AM
Massachusetts Fines LPL Financial for Faulty Variable Annuities Switches

From the Desk of Jim Eccleston at Eccleston Law Offices:

Massachusetts securities regulators have fined LPL Financial for oversight failure associated with its sales of variable annuities.

LPL agreed to reimburse senior citizens $541,000 for surrender charges they paid when they switched variable annuities, marking the second time in four months that the firm has been in state securities regulators' cross hairs over sales and exchanges of variable annuities. Illinois hit LPL the end of June with a $2 million fine and ordered to pay $820,000 in restitution, for failing to maintain adequate books and records documenting variable annuity exchanges, known as 1035 exchanges.

LPL Financial recently has been the focus of regulators for sales of high commission products such as variable annuities and non-traded REITs.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: LPL Financial, Massachusetts, securities, REITs, annuities, James Eccleston, Eccleston Law Offices

Return to Archive

TESTIMONIALS

Previous
Next

I am so glad I found you! Wow! I appreciate your help, concern and guidance.

RB

LATEST NEWS AND ARTICLES

March 10, 2025
Wells Fargo and Merrill Lynch Settle SEC Charges Over Cash Sweep Program Policies

The Securities and Exchange Commission (SEC) has announced settlements with Wells Fargo Clearing Services LLC, Wells Fargo Advisors Financial Network LLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated over allegations that they failed to implement proper policies and procedures for their cash sweep programs.

March 7, 2025
FINRA Orders $8.2 Million in Restitution for Mutual Fund Customers

FINRA has directed Edward Jones, Osaic Wealth, Inc., and Cambridge Investment Research, Inc. to pay more than $8.2 million in restitution to customers harmed by failures to provide mutual fund sales charge waivers and fee rebates. 

March 6, 2025
FINRA Fines Newbridge Securities $105,000 for Failing to Supervise Margin Trading

Newbridge Securities Corp., an independent broker-dealer based in Boca Raton, Florida, has agreed to pay a $105,000 penalty for failing to supervise financial advisors who recommended margin trading to clients.