Ohio National Financial Services Broker-Dealer Accused of Failing to Properly Supervise
The Financial Industry Regulatory Authority (FINRA) announced that brokerage firm O.N. Equity Sales Co., an Ohio National Financial Services brokerage firm, must pay a $1.3M penalty for not adequately supervising a former broker who is accused of recommending an unsuitable investment strategy to customers.
The strategy involved whole life insurance policies and variable annuities (VAs). The former O.N. Equity Sales broker is no longer with the firm. He arrived at a separate settlement with the self-regulatory organization (SRO).