On June 25, 2018, the Enforcement Section of the Commonwealth of Massachusetts Securities Division (“Division”) filed an Administrative Complaint (“Complaint”) against Respondent MetLife, Inc. (“MetLife”) in connection with alleged violations of the Massachusetts Uniform Securities Act (the “Act”). Specifically, the Division has alleged that MetLife, through a line of business…
The Financial Industry Regulatory Authority (FINRA) has filed two recent enforcement actions that may signal a crackdown on variable annuity (VA) misconduct this year, continuing a 2016 trend of high fines related to VA sales in 2016. In the first disciplinary proceeding, FINRA reportedly suspended broker Cecil E. Nivens for…
For some time we have been blogging about non-traded REITS (and the real risks associated with investing in these complex investment vehicles. Many investors are familiar with exchange traded Real Estate Investment Trusts (“REITs”). Pursuant to federal law, these companies which own and typically operate income-producing real estate, are required…
The State of Illinois Securities Department (“Department”) recently initiated enforcement proceedings against Thrivent Investment Management, Inc. (“Thrivent”) (CRD #18387) for allegedly violating the Illinois Securities Law of 1953 in connection with sales of unsuitable variable annuity (“VA”) products to certain of its clients who already held Thrivent VA’s. Specifically, the…
Securities attorneys are currently investigating claims on behalf of the customers of Christopher B. Birli and Patrick W. Chapin, who suffered significant losses as a result of misrepresentations and unsuitable recommendations of variable annuities. Reportedly, Birli and Chapin received significant sales commissions for allegedly unsuitable recommendations to their customers. On…
Securities fraud attorneys are currently investigating claims on behalf of investors who suffered significant losses in variable annuities. Variable annuities are insurance products tied to an investment portfolio, which typically consist of mutual funds that hold bonds and stocks. In many cases, brokers receive commissions as high as 8 percent…
Our recent blog post, “Berthel Fisher and Affiliate Fined Regarding Sales of ETFs and Non-Traded REITs,” reported that in February the firm had been fined $775,000 by the Financial Industry Regulatory Authority (FINRA). The FINRA fines addressed alleged supervisory failures, including failure to properly supervise the sale of alternative investments…
Investment fraud lawyers continue to investigate claims on behalf of individuals who suffered significant losses in Puerto Rican bonds after the value of these investments plummeted in 2013, causing many investors to suffer significant losses. In addition, securities arbitration lawyers are keeping an eye on recent news that indicates investors…
Investment fraud lawyers continue to investigate claims on behalf of elderly individuals who have been the victims of affinity fraud. In many cases, it is up to the children and grandchildren of elderly individuals to discover and put a stop to the victimization of their loved ones by fraudsters. A…
Investment fraud lawyers are currently investigating claims on behalf of investors who suffered significant losses because of the unsuitable recommendation and sale of Icon Leasing Funds. An arbitration claim was recently filed on behalf of a retired woman who was sold these risky, illiquid investments by WFG Investments Inc. and…