Articles Tagged with Transamerica Financial Advisors

SEC Obtains Default Judgment Against Former Cincinnati, Ohio Registered Representative 

The Securities and Exchange Commission (SEC) has obtained a default judgment against Scott Allen Fries. He was a Transamerica Financial Advisors registered representative from 2014 to 2019. 

The regulator’s amended complaint accuses the former broker and investment advisor of raising approximately $458K from at least ten investors, including customers from the brokerage firm, and using the funds to pay for his personal expenses. Fries is barred from further fraud violations and must pay disgorgement of $428,334.53, a civil penalty of $208,500, and a prejudgment interest of $110,548.02.

FINRA Settlement Includes Restitution to More than 2,400 Customers

In an agreement reached with the Financial Industry Regulatory Authority (FINRA), Transamerica Financial Advisors consented to pay $8.8M over the unsuitable sales of mutual funds, variable annuities (VAs) and 529 savings plans to customers. 

$4.4M of this is a fine and $4.4M is restitution to about 2,400 customers who were financially harmed. The firm settled with FINRA but without denying or admitting to its findings. 

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