Fifth Third Securities, Inc. was fined by the Financial Industry Regulatory
Authority (FINRA) earlier this week for $4 million and was ordered to
pay restitution of $2 million after the regulator determined the firm
failed to correctly consider and properly describe benefits and costs
of variable annuity exchanges. In addition, the agency found that Fifth
Third Securities, Inc. made unsuitable recommendations with regard to
variable annuity exchanges.
Variable annuities are a type of complex investment that is typically sold
to retirees and other individuals saving money for retirement. During
its investigation, FINRA found that Fifth Third Securities failed to properly
supervise its registered representatives and advisers and failed to correctly
assess certain information when recommending VA exchanges to its customers.
To make matters worse, FINRA discovered that many of the firm's representatives
were not properly trained in terms of conducting comparative analysis'
of VAs and ended up misleading customers on the benefits and costs of
exchanges it was selling to customers. In addition, the firm has been
accused of violating a number of industry rules and standards.
Did You Lose Money While Investing with Fifth Third Securities, Inc.?
Meyer Wilson is dedicated to raising awareness whenever an instance of
major investment fraud occurs. If you or someone you know believe you
may have suffered financial losses while working with Fifth Third Securities,
Inc., we would like to hear from you. Contact an experienced Meyer Wilson
investment fraud attorney at (888) 390-6491
today for a case evaluation.