TransAmerica Financial Advisors Settles with FINRA for $8.7 Million Regarding Supervisory Failures
We are currently investigating allegations made against TransAmerica Financial Advisors, Inc., a St. Petersburg, Florida-based securities brokerage firm. FINRA (the Financial Industry Regulatory Authority) brought a regulatory action against TransAmerica Financial Advisors, making allegations that it failed to supervise representatives regarding sales of variable annuities, mutual funds, and 529 plans.
FINRA alleged that TransAmerica advisors misrepresented benefits of variable annuity exchanges, the applicability of sales charge waivers in mutual funds, and benefits of certain share class purchases in 529 plans. To settle these allegations, TransAmerica Financial Advisors agreed to pay a $4.4 million fine and restitution of $4.3 million.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Ann Arbor, Michigan; and Seattle, Washington. We represent investors in FINRA arbitration proceedings in all 50 states. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against TransAmerica Financial Advisors.