FINRA Fines Summit Equities $325,000 Over Variable Annuity Sales

Posted on May 23rd, 2017 at 11:00 AM
FINRA Fines Summit Equities $325,000 Over Variable Annuity Sales

From the Desk of Jim Eccleston at Eccleston Law LLC:

New Jersey based broker-dealer, Summit Equities Inc., has been fined by FINRA for over $325,000 allegedly for failing to reasonably supervise brokers’ sales of multi-share class variable annuities from 2011 to 2015. According to FINRA, Summit sold 1,037 individual variable annuity contracts to customers and about 45% of the contracts were L-shares.

FINRA also accused the BD of failing to provide training to its registered representatives and principals on the sale of these annuities.

Overall, the sale of L-share variable annuities have been on the decline as a result of the potential implementation of the fiduciary rule, which would place more restrictive sales practice and disclosure conditions on those products.

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: Eccleston, Eccleston Law, James Eccleston, Eccleston Law LLC

Return to Archive

TESTIMONIALS

Previous
Next

Hiring Eccleston Law has been one of the best career decisions I have made and this "investment" to maintain my sterling regulatory record has been returned many times over.  If you are in a situation where you've been unfairly accused, don't hesitate to talk with Eccleston Law. They are the best.

Thomas C.

LATEST NEWS AND ARTICLES

June 23, 2022
Former Credit Suisse Advisor Prevails in Deferred Compensation Claim

A former Credit Suisse advisor has prevailed on a $2.2 million arbitration claim after alleging that the firm improperly withheld his deferred compensation when it discontinued its U.S. brokerage business in 2015. 

 
 
June 23, 2022
Eccleston Law LLC Investigates Recovery Options for NRIA Investors

Headquartered in Secaucus, NJ, National Realty Investment Advisors (NRIA) recently declared bankruptcy amid investor redemption requests, federal and state investigations, and unsustainable debt.

 
 
June 22, 2022
SEC Charges Three Additional Advisors for Recommending Horizon Ponzi Scheme to Investors

The Securities and Exchange Commission (SEC) has filed suit against Michael Mooney, Britt Wright, and Penny Flippen pertaining to their engagement with a Ponzi scheme, which raised at least $110 million from nearly 400 investors.