FINRA Fines Former Sterne Agee Rep for Transactions Involving Variable Annuities

Posted on June 14th, 2017 at 1:30 PM
FINRA Fines Former Sterne Agee Rep for Transactions Involving Variable Annuities

From the Desk of Jim Eccleston at Eccleston Law LLC:

FINRA has suspended former Sterne, Agee & Leach rep, James Keith Cox, for four months and fined him $10,000 for violating FINRA rules regarding transactions involving variable annuities.

According to FINRA, in September 2014, while employed with Sterne, Agee, which later was acquired by Stifel Financial, Mr. Cox recommended five unsuitable variable annuities transactions to customers. More specifically, the transactions involved the exchange of an existing variable annuity contract for a new one, the sale of an existing variable annuity to buy two fixed equity-indexed annuities, and the liquidation of three additional variable annuities.

In addition to the fine and suspension, Mr. Cox also agreed to relinquish to FINRA the $25,460 he received in commissions for the transactions, plus interest.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial advisors including Broker Litigation & Arbitration, Strategic Consulting Services, Regulatory  Matters, Transition Contract Review, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: Jim Eccleston, Eccleston Law, Eccleston Law LLC, Eccleston, NFL

Return to Archive

TESTIMONIALS

Previous
Next

You guys are good!

Mike L.

LATEST NEWS AND ARTICLES

November 27, 2024
Class Action Suits Target Major Banks Over Cash Sweep Programs

Wells Fargo, Merrill Lynch, and Morgan Stanley face class action lawsuits alleging they exploited cash sweep programs to generate “massive revenue” at clients' expense.

November 26, 2024
Arizona Revokes Advisor's License for Misrepresenting High-Risk GPB Capital Investments

The Arizona Corporation Commission has revoked the license of Scottsdale-based investment advisor representative Luke M. Johnson, who sold over $10 million in high-risk private placements by GPB Capital Holdings. 

November 25, 2024
Osaic Advisor Fined and Suspended for Submitting False Bank Statements

AdvisorHub recently reported that the Financial Industry Regulatory Authority (FINRA) has imposed a $5,000 fine and a two-month suspension on Kalomira Zangoulos, a former Osaic advisor in Sterling Heights, Michigan.