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January 22, 2019
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Blog, Current Investigations
Mass. Regulators charge Royal Alliance Associates with Failure to Supervise According to an article in Investment News today, the state of Massachusetts has charged Royal Alliance Associates with failure to supervise a broker who recommended unsuitable investments to a couple, costing the investors nearly $60,000. The
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January 9, 2019
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Blog
Could an expedited 1035 Exchange process lead to variable annuity switching? According to Investment News, annuity providers are finally moving into the 21st century in regards to the way a 1035 exchange will be processed. A 1035 exchange is a tax-free transfer from one annuity contract to another, and is a typically
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December 14, 2018
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Blog, Current Investigations
FINRA Examination Findings: firms need to tighten up supervisory systems. Last Friday, the Financial Industry Regulatory Authority announced examination findings that many brokerage firms have been recommending unsuitable investments without considering the impact that cumulative fees, sales charges and commissions
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October 12, 2017
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Blog, Securities Fraud
Investment Losses due to Variable Annuity Switching Have you been a victim of Variable Annuity Switching? If so, The White Law Group may be able to assist you in the recovery of your investment losses. An annuity is a form of insurance that allows for either a fixed sum of money paid to the annuitant …
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May 10, 2017
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Securities Fraud
FINRA Charges Walter J. Marino with unsuitable advice, misrepresentation and falsification of records. In November we told you that Walter J. Marino of Benjamin Securities, Inc. allegedly solicited teachers to invest in high cost low quality annuities with their retirement savings. The Legend Group was alleged to
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November 28, 2016
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Blog, Current Investigations, Securities Fraud
According to an article in the New York Times, Walter Marino of Benjamin Securities, Inc. allegedly solicited teachers to invest in high cost low quality annuities with their retirement savings. The Legend Group was alleged to be the provider of the investments all these teachers held. Marino was registered
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September 12, 2013
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Blog, Securities Fraud
The following is intended to provide a brief primer on variable annuities, some of their many pitfalls, and the improper sales of such investments that often result in litigation. i. Variable Annuity – Defined A variable annuity is an insurance contract in which, at the end of the accumulation stage, the insurance
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November 22, 2011
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Blog, Securities Fraud
According to a recent article in the investmentnews.com, John Hancock “has pulled back on its annuity distribution and expects to withdraw an array of fixed, variable and immediate annuities.” Included amongst the annuity cuts are John Hancock’s Venture 4 Series, 7 series and Frontier variable annuities. One of
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August 31, 2011
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Blog, Securities Fraud
As a national securities litigation law firm and investor protection advocate, the firm often speaks to investors who have experienced trouble with their investments in variable annuities and how they were sold. While variable annuities are a perfectly acceptable investment for the right investor, they are not for
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October 21, 2010
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Blog, Securities Fraud
Waddell & Reed’s sales practices have been the subject of regulatory inquiry on several occasions. Back in 2005, FINRA resolved its action against Waddell & Reed, Inc., of Overland Park, KS, arising from thousands of variable annuity exchanges made as part of the firm’s national switching campaign.
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