Sec On Investment-zuczug

UnCategorized The "free lunch" approach, which many security sellers use to lure seniors and retirees into bad or ill-advised investments, has been in the crosshairs of industry regulators such as the SEC and AARP. AARP Florida director Lori Parham says that problematic sales have caused losses to numerous investors, as well as the mishandling and misleading sales of products like annuities. She says that the "twisting and "turning" of annuities, which means persuading investors to change annuities or switching policies from the same provider gets the sellers more, albeit illegit, sales and .missions. Parham helps co-sponsor the program "Safeguarding our Seniors" in the state. Stephen Brace, a 62-year-old Florida resident, was given 25 years imprisonment after he was found guilty of investment fraud, which was mostly facilitated through free restaurant lunches with potential investors in Pensacola. He was told to pay back almost $2.2 million to residents who bought non-existent securities, says Florida’s financial regulatory office. In Louisiana, former Securities America broker David McFadden, also 62, got five years imprisonment after he mislead clients with claims that he was a licensed CPA. He convinced upwards of a hundred chemical plant and oil refinery employees into retiring early and sold mutual funds and annuities that would supposedly bring them financial independence. According to the court, most of these workers McFadden persuaded into early retirement were from Exxon. FINRA enforcement head James Shorris also stated that the accumulated million-dollar losses suffered by his victims occurred after they took advice that was only beneficial to Securities America and representative McFadden. Court papers estimate that McFadden made more than $1 million per year. Ameriprise Financial, parent .pany of Securities America, agreed to pay fines and restitution amounting to more than $16 million in a proceeding facilitated by FINRA without admitting any wrongdoing. Part of the sum includes amounts meant to be kept secret in various court cases for the individual victims. About the Author: 相关的主题文章: