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.
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