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FINRA Suspends Rep for Unsuitable Annuity Switches
May 09, 2025 at 10:41 AM
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What You Need To Know
- The rep recommended unsuitable L-share VA exchanges to nine customers and unsuitable VA purchases to two customers, FINRA says.
- According to the regulator, he also incorrectly stated in documenting the exchanges that the replacement variable annuity was lower in fees.
- The rep was suspended for 12 months, fined $10,000 and ordered to pay $25,436 in restitution.
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