{"id":19429,"date":"2021-01-05T14:16:02","date_gmt":"2021-01-05T20:16:02","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=19429"},"modified":"2021-01-05T14:16:02","modified_gmt":"2021-01-05T20:16:02","slug":"transamerica-financial-advisors-fined-8-8m","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/transamerica-financial-advisors-fined-8-8m\/","title":{"rendered":"Transamerica To Pay $8.8M Over Unsuitable Mutual Fund, 529 Plans, and Variable Annuity Sales"},"content":{"rendered":"<h2><span style=\"font-weight: 400;\">FINRA Settlement Includes Restitution to More than 2,400 Customers<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">$4.4M of this is a fine and <\/span><a href=\"https:\/\/www.finra.org\/media-center\/newsreleases\/2020\/finra-sanctions-transamerica-financial-advisors-inc-88-million\"><span style=\"font-weight: 400;\">$4.4M is restitution to about 2,400 customers<\/span><\/a><span style=\"font-weight: 400;\"> who were financially harmed. The firm settled with FINRA but without denying or admitting to its findings.\u00a0<\/span><\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/transamerica-financial-advisors-fined-8-8m\/\"  title=\"Continue Reading Transamerica To Pay $8.8M Over Unsuitable Mutual Fund, 529 Plans, and Variable Annuity Sales\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>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.\u00a0 $4.4M of this is a fine and $4.4M is restitution to about [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":19430,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3967,3777,4107,3884],"tags":[3270,3010,4493,3126,3531],"class_list":["post-19429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-failure-to-supervise","category-inadequate-supervision","category-transamerica","category-variable-annuities","tag-529-plans","tag-mutual-funds","tag-transamerica-financial-advisors","tag-transamerica-financial-advisors-inc","tag-variable-annuities"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Transamerica Financial Advisors To Pay $8.8M In Fines &amp; Restitution | FINRA Lawyers<\/title>\n<meta name=\"description\" content=\"Transamerica has settled with FINRA and will pay over $8.8M over the unsuitable sales of mutual funds, variable annuities and 529 plans.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/transamerica-financial-advisors-fined-8-8m\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Transamerica Financial Advisors To Pay $8.8M In Fines &amp; Restitution | FINRA Lawyers\" \/>\n<meta name=\"twitter:description\" content=\"Transamerica has settled with FINRA and will pay over $8.8M over the unsuitable sales of mutual funds, variable annuities and 529 plans.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2021\/01\/pexels-john-sullivan-166614-1.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; 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Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/transamerica-financial-advisors-fined-8-8m\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/transamerica-financial-advisors-fined-8-8m\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Transamerica To Pay $8.8M Over Unsuitable Mutual Fund, 529 Plans, and Variable Annuity Sales","datePublished":"2021-01-05T20:16:02+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/transamerica-financial-advisors-fined-8-8m\/"},"wordCount":500,"image":{"@id":"https:\/\/www.investorlawyers.com\/blog\/transamerica-financial-advisors-fined-8-8m\/#primaryimage"},"thumbnailUrl":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2021\/01\/pexels-john-sullivan-166614-1.jpg","keywords":["529 plans","Mutual Funds","Transamerica Financial Advisors","Transamerica Financial Advisors Inc.","Variable Annuities"],"articleSection":["Failure to Supervise","Inadequate Supervision","Transamerica","Variable Annuities"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/transamerica-financial-advisors-fined-8-8m\/","url":"https:\/\/www.investorlawyers.com\/blog\/transamerica-financial-advisors-fined-8-8m\/","name":"Transamerica Financial Advisors To Pay $8.8M In Fines & Restitution | FINRA Lawyers","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/transamerica-financial-advisors-fined-8-8m\/#primaryimage"},"image":{"@id":"https:\/\/www.investorlawyers.com\/blog\/transamerica-financial-advisors-fined-8-8m\/#primaryimage"},"thumbnailUrl":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2021\/01\/pexels-john-sullivan-166614-1.jpg","datePublished":"2021-01-05T20:16:02+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"Transamerica has settled with FINRA and will pay over $8.8M over the unsuitable sales of mutual funds, variable annuities and 529 plans.","breadcrumb":{"@id":"https:\/\/www.investorlawyers.com\/blog\/transamerica-financial-advisors-fined-8-8m\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.investorlawyers.com\/blog\/transamerica-financial-advisors-fined-8-8m\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.investorlawyers.com\/blog\/transamerica-financial-advisors-fined-8-8m\/#primaryimage","url":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2021\/01\/pexels-john-sullivan-166614-1.jpg","contentUrl":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2021\/01\/pexels-john-sullivan-166614-1.jpg","width":640,"height":359,"caption":"Transamerica Financial Advisors agree to pay over $8M in fines and restitution for unsuitably selling mutual funds, 529 plans and variable annuities."},{"@type":"BreadcrumbList","@id":"https:\/\/www.investorlawyers.com\/blog\/transamerica-financial-advisors-fined-8-8m\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.investorlawyers.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Transamerica To Pay $8.8M Over Unsuitable Mutual Fund, 529 Plans, and Variable Annuity Sales"}]},{"@type":"WebSite","@id":"https:\/\/www.investorlawyers.com\/blog\/#website","url":"https:\/\/www.investorlawyers.com\/blog\/","name":"Investor Lawyers Blog","description":"Published By Investment Fraud Attorneys \u2014 Shepherd Smith Edwards &amp; 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