FINRA has suspended former LPL Financial LLC broker Eric Burton from the securities industry for 3 months for allegedly falsifying documents that he submitted to LPL in connection with twenty two variable annuity (“VA”) exchanges. Burton was also fined $5,000. If you have lost money with Eric Burton, or LPL…
FINRA has fined and censured the O.N. Equity Sales Company, Inc. (“ONESCO”) over the firm’s failure to supervise a broker’s recommendations involving the purchase and liquidation of variable annuities. ONESCO was fined $275,000 and ordered to pay $1 million in restitution to customers. Variable annuities are complex products, commonly marketed…
FINRA has fined UnionBanc Investment Services, LLC (“UBIS”) $100,000 over supervisory violations related to variable annuity transactions and exchanges. Variable annuities are complex products, commonly marketed and sold to retirees or individuals saving for retirement, that permit customers to choose among a variety of contract features and options. If you…