Former MidAmerica Financial Broker Fined for Outside Business Activity

Posted on December 15th, 2014 at 3:57 PM
Former MidAmerica Financial Broker Fined for Outside Business Activity

From the Desk of Jim Eccleston at Eccleston Law Offices:

FINRA has fined Brian G. Wolf, a former broker from MidAmerica Financial Services, Inc. (“MFS”) for being involved in an outside business activity.

Between January, 2010 and November, 2012, Wolf sold equity-indexed annuities (“EIAs”) through an outside insurance agency without submitting the applications to MFS. During this period, he sold at least 132 EIAs and received a total of approximately $840,000 in commissions from those sales.

Wolf was registered with MFS between April, 2007 and December, 2012. In 2010, MFS changed its requirements for registered representatives who sold EIAs. The firm's new process required representatives to submit every EIA application to the firm for review and approval and charged its representatives $50 per EIA application submitted.

Following this policy change, Wolf submitted at least two EIA applications to MFS in 2010. After 2010, however, he did not submit applications for the vast majority of EIAs he sold. During that time, Wolf sold approximately 125 EIAs without submitting the contracts to MF.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services. 

Related Attorneys: James J. Eccleston

Tags: FINRA, MidAmerica Financial Services, EIAs, Brian Wolf

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