FINRA Fines Advisor For Misrepresentations
Annuities and Retirement Plan Misrepresentations
The Financial Industry Regulatory Authority (FINRA) polices investment advisory firms and other member financial organizations in their dealings with consumers. FINRA regulates individual advisors and also the supervision they’re under by their employers to ensure honesty with clients in proposals and sales of investments. Those investments include annuities and retirement investments like 401(k) plans. The San Francisco annuity and financial elder abuse attorneys at Evans Law Firm, Inc. represent individuals who have lost money in annuities, indexed universal and whole life insurance, and other retirement investments through surrenders, high fees, and benefits that do not pay out as advertised or misrepresentations about the investments made by sellers. Most of the victims we represent are seniors. If a financial advisor, insurance agent or broker has sold you an inappropriate product such as life insurance or an annuity or misrepresented investments to you and you’re over 60 and live in San Francisco or elsewhere in California, call us today at (415441-8669 and we can help.
In one recent enforcement proceeding, FINRA fined an annuities firm for misrepresenting the nature of a portfolio containing several retirement bond funds to 401(k) sponsors and participants. According to FINRA’s announcement in the matter, AXA Advisors, LLC (“AXA”) misrepresented five funds that were offered for 401k plans by stating that the funds were “investment grade.” In fact, the portfolio contained a large portion of high-yield or junk bonds below investment grade securities. FINRA found that the firm had violated FINRA supervisory rules by failing to have supervisory systems and procedures in place to determine the accuracy of the credit descriptions in bond fund documents distributed to plan sponsors and participants. Without admitting or denying the charges, AXA agreed to a $600,000 fine and to pay approximately $172,000 in restitution to those affected.
Your hard-earned savings are yours. Don’t buy into commission-driven products like life insurance and deferred annuities that line other people’s pockets and leave you holding the bag. Be cautious in reviewing prospectuses and other offering materials connected with annuities and other retirement investments like 401(k) plans. Always consult a professional with nothing to gain from a sale to you and also consult your tax advisor as annuities and other retirement investments like 401(k) plans have significant tax consequences with regard to surrenders, other withdrawals and payouts.
If you are over 60 and live in San Francisco or elsewhere in California and have been sold an inappropriate or unsuitable investment product, an advisor or agent has misrepresented products to you, or you’ve suffered loss on an annuity or life insurance surrender or replacement, contact Ingrid M. Evans and the other annuity and financial elder abuse attorneys at the Evans Law Firm for a free review of your policy at (415) 441-8669, or by email at <a href=”mailto:email@example.com”>firstname.lastname@example.org</a>. Our attorneys have experience with complex indexed universal and whole life policies and annuity contracts and cases against large insurance companies. We can help guide your case through a jury trial or toward an equitable settlement. We also handle cases involving physical and financial elder abuse, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.
Leading providers and distributors of life insurance, fixed, variable and fixed indexed deferred annuities and other retirement investments in California are listed below. We are not in any way suggesting that any of these carriers, advisors, or distributors has done anything wrong. Rather, the list is provided solely as a reference for our readers.
AIG/American General Life Insurance Company
Allianz Life Insurance Company of North America
American Equity Investment Life Insurance Company
American General Life Insurance Company/AIG
American International Group, Inc. (AIG)
American National Life Insurance Company
Ameriprise Financial/RiverSource Life Insurance Company
Ameriprise Financial/Securities America, Inc.
Athene Annuity & Life Assurance Company
Athene Annuity and Life Company
Aviva Life Insurance Company
AXA Equitable Financial Services, LLC
AXA Equitable Life Insurance Company/AXA US
AXA Advisors, LLC
Bankers Life Insurance and Casualty Company
Berkshire Hathaway Group
Berkshire Hathaway Life Insurance Company of Nebraska
Brighthouse Financial, Inc./MetLife
Citigroup Global Markets, Inc.
Crump Life Insurance Services, Inc.
CUNA Mutual Group/CMFG Life Insurance Company
Delaware Life Insurance Company
EquiTrust Life Insurance Company
Fidelity & Guaranty Life Insurance Company
Forethought Life Insurance Company/Global Atlantic Financial Group
Genworth Financial, Inc.
Genworth Life and Annuity Insurance Company
Genworth Life Insurance Company
Global Atlantic Financial Group/Forethought Life Insurance Company
Guardian Life Insurance Company
Guggenheim Partners/Security Benefit Life Insurance Company
ING USA Annuity and Life Insurance Company
Jackson National Life Insurance Company
John Hancock Life Insurance Company
Lincoln Benefit Life Company
Lincoln Financial Group
Massachusetts Mutual Life Insurance Company
Merrill Lynch Life Agency Inc.
Metlife/Metropolitan Life Insurance Company/Brighthouse Financial, Inc.
Minnesota Life Insurance Company
National Life Group
National Life Insurance Company/Equity Services, Inc.
National Western Life Insurance Company
Nationwide Life Insurance Company
New York Life Insurance Company
North American Company for Life and Health Insurance
Northwestern Mutual Investment Services, LLC
Northwestern Mutual Life Insurance Company
Northwestern Mutual Wealth Management Company
Oxford Life Insurance Company
Pacific Life Insurance Company
Principal Financial Group
Prudential Life Insurance Company
Raymond James Insurance Group
Reliance Standard Life Insurance Company/Tokio Marine Group
RiverSource Life Insurance Company/Ameriprise Financial
Securities America, Inc./Ameriprise Financial
Security Benefit Group, Inc.
Security Benefit Life Insurance Company/Guggenheim Partners
Security Investors, LLC
The Standard Life Insurance Company
Symetra Financial Corporation
Symetra Life Insurance Company
Transamerica Life Insurance Company
The United States Life Insurance Company in the City of New York
Unum Life Insurance Company of America
USAA Life Insurance Company
The Variable Annuity Life Insurance Company
Voya/Reliastar Life Insurance Company
Wells Fargo Advisors
Western & Southern Financial Group
The Western & Southern Life Insurance Company
World Financial Group Insurance Agency, Inc.
 While we do not provide tax or investment advice at Evans Law Firm, we do represent consumers who have suffered losses from fraud, misrepresentations, inappropriate sales of unsuitable investments, and other misconduct.
 Evans Law Firm was not involved in the case in any way.