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

If you find yourself in trouble with the regulators, call Eccleston Law, you won't regret it.

Rick R.

LATEST NEWS AND ARTICLES

August 8, 2022
SEC Files Suit Against Georgia Advisor Over Misappropriation of Client Funds

The Securities and Exchange Commission (SEC) is filing suit against a Georgia-based advisor, Christopher Burns, who allegedly misappropriated client funds.

August 5, 2022
SEC Fines RIA $5.8 Million Over 12b-1 Fee Infractions Tied to Wrap Accounts

The Securities and Exchange Commission (SEC) has imposed a $5.8 million fine against Private Advisor Group over 12b-1 fee violations tied to its wrap fee program. 

August 4, 2022
North Dakota Regulators Seek to Close Down Advisory Firm Selling Crypto and Weed Products

The North Dakota Securities Commissioner’s office is seeking to shut down a small West Fargo-based registered investment adviser (RIA) after its owner allegedly violated state securities laws and improperly took custody of $17.8 million in client funds beginning in 2017.