Variable Annuities

FINRA Sanctions LPL Financial LLC $11.7 Million for Widespread Supervisory Failures

By WEALAW / August 3, 2015 / Comments Off on FINRA Sanctions LPL Financial LLC $11.7 Million for Widespread Supervisory Failures

FINRA recently censured LPL Financial LLC and fined it $10 million for broad supervisory failures in a number of key areas, including the sales of non-traditional exchange-traded funds (ETFs), certain variable annuity contracts, non-traded real estate investment trusts (REITs) and other complex products as well as its failure to monitor and report trades and deliver…

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FINRA Arbitration Panel Finds Stifel Nicolaus And Broker Liable For Over $1.5M

By WEALAW / April 2, 2015 / Comments Off on FINRA Arbitration Panel Finds Stifel Nicolaus And Broker Liable For Over $1.5M

On March 31, 2015 in Gilbert v. Noble and Stifel Nicolaus, FINRA Case Number 12-02897, the Panel found Respondents jointly and severally liable for compensatory damages in the amount of $1,292,342.00 and attorneys’ fees in the amount of $250,000.00.  The claims related to the use of margin as well as purchases of variable annuities issued…

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