FINRA recently announced that Dana Reece Anderson, formerly of Intersecurities, Inc. in Waterloo, Iowa, has been censured and barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Dana Anderson consented to entry of findings that he forged a customer’s signature and initials to his firm’s documents (Intersecurities) to facilitate a variable annuity application.
Intersecurities, Anderson ’s apparent employer at the time of the forgery was required to comply with FINRA Rule 2821 in reviewing Anderson ’s purchase of the variable annuity on behalf of a client. Specifically, FINRA Rule 2821 requires firms to perform suitability checks, supervisory systems and principal review for VA transactions. It is unclear whether Intersecurities review of the transaction pursuant to Rule 2821 led them to discover Anderson ’s forgery, but many smaller firmed have complained about the rule because they have feared that they lack the manpower and resources necessary to ensure full compliance with the rule.
Intersecurities, Inc. is registered with FINRA as Transamerica Financial Advisors, Inc., a St. Petersburg, Florida based broker dealer. Transamerica’s FINRA Broker Report (CRD) indicates that it has been the subject of numerous complaints related to securities fraud. Specifically, Transamerica has been named in at least 12 regulator complaints, and has also been named in at least 11 customer complaints related to securities fraud.
If you have questions about investments you made with CP Capital Securities, or if you believe that you have been the victim of a securities fraud, The White Law Group may be able to help. To speak to a securities attorney, please call our Chicago office at 312-238-9650 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.