Advisor Group’s SagePoint Financial agreed to pay more than $1.6 million in restitution and fines tied to its early rollovers of unit investment trusts, according to the Financial Industry Regulatory Authority.
Without admitting or denying FINRA’s claims, Jeff Auld, president and CEO of SagePoint, signed a letter of acceptance, waiver and consent June 1 in which he said the company agreed to be censured and pay a $300,000 fine and restitution of $1.32 million to the affected customers.
FINRA accepted the letter Wednesday. Advisor Group didn’t immediately respond to a request for comment Friday.
From January 2013 through December 2017, SagePoint failed to establish and maintain a supervisory system and failed to establish, maintain and enforce written supervisory procedures that were reasonably designed to supervise the suitability of representatives’ recommendations to customers for early rollovers of UITs, according to FINRA.