{"id":3849,"date":"2016-10-10T12:02:30","date_gmt":"2016-10-10T17:02:30","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/?p=3849"},"modified":"2022-03-23T10:38:50","modified_gmt":"2022-03-23T15:38:50","slug":"texas-securities-cases-ims-securities-pay-100k-variable-annuity-exchanges-state-regulator-bans-broker-making-nontraded-reit-recommendations-former-dallas-billionaire-sam-wyl","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/texas-securities-cases-ims-securities-pay-100k-variable-annuity-exchanges-state-regulator-bans-broker-making-nontraded-reit-recommendations-former-dallas-billionaire-sam-wyl\/","title":{"rendered":"\u00a0Texas Securities Cases: IMS Securities to Pay $100K Over Variable Annuity Exchanges, State Regulator Bans Broker from Making Nontraded REIT Recommendations, and Former Dallas Billionaire Sam Wyly to Pay $198M To Settle Fraud Case"},"content":{"rendered":"<div class=\"AppleOriginalContents\">\n<blockquote>\n<div class=\"WordSection1\">\n<div class=\"\"><b class=\"\"><span class=\"\">Texas-Based Brokerage Firm Accused of Inadequate Supervision Involving VA Exchanges<\/span><\/b><\/div>\n<\/div>\n<\/blockquote>\n<blockquote>\n<div class=\"WordSection1\">\n<div class=\"\"><span class=\"\">The Financial Industry Regulatory Authority is ordering IMS Securities Inc. to pay a $100K fine. The Texas-based brokerage firm is accused of failures related to its monitoring of variable annuity exchanges. By settling, however, it is not denying or admitting to the allegations.\u00a0<\/span><\/div>\n<div class=\"\"><span class=\"\">\u00a0<\/span><\/div>\n<div class=\"\"><span class=\"\">According to the self-regulatory authority, the firm exhibited <a href=\"https:\/\/www.investorlawyers.com\/failure-to-supervise.html\">inadequate supervisory procedures<\/a> for \u201cproblematic rates of exchange\u201d in transactions involving variable annuities. FINRA claims that from 7\/\u00a015\/13 through 7\/8\/14, IMS Securities depended on its CFO to review annuity exchanges but did not provide tools or guidance to help look for \u201cproblematic rates of exchange.\u201d\u00a0 The broker-dealer is accused of not probing possibly \u201cproblematic patterns\u201d of VA exchanges and not enforcing written supervisory procedures related to consolidated reports.\u00a0<\/span><\/div>\n<\/div>\n<\/blockquote>\n<\/div>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/texas-securities-cases-ims-securities-pay-100k-variable-annuity-exchanges-state-regulator-bans-broker-making-nontraded-reit-recommendations-former-dallas-billionaire-sam-wyl\/\"  title=\"Continue Reading \u00a0Texas Securities Cases: IMS Securities to Pay $100K Over Variable Annuity Exchanges, State Regulator Bans Broker from Making Nontraded REIT Recommendations, and Former Dallas Billionaire Sam Wyly to Pay $198M To Settle Fraud Case\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Texas-Based Brokerage Firm Accused of Inadequate Supervision Involving VA Exchanges The Financial Industry Regulatory Authority is ordering IMS Securities Inc. to pay a $100K fine. The Texas-based brokerage firm is accused of failures related to its monitoring of variable annuity exchanges. By settling, however, it is not denying or admitting to the allegations.\u00a0 \u00a0 According [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3773,3739,4014,4047,3750,3884],"tags":[2627,3673,2746,3531],"class_list":["post-3849","post","type-post","status-publish","format-standard","hentry","category-broker-fraud","category-finra","category-non-traded-reits","category-oil-and-gas-claims","category-texas-securities-fraud","category-variable-annuities","tag-alternative-investments","tag-mickey-long","tag-nontraded-reits","tag-variable-annuities"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u00a0Texas Securities Cases: IMS Securities to Pay $100K Over Variable Annuity Exchanges, State Regulator Bans Broker from Making Nontraded REIT Recommendations, and Former Dallas Billionaire Sam Wyly to Pay $198M To Settle Fraud Case &#8212; Investor Lawyers Blog &#8212; October 10, 2016<\/title>\n<meta name=\"description\" content=\"&nbsp; Texas-Based Brokerage Firm Accused of Inadequate Supervision Involving VA Exchanges The Financial Industry Regulatory Authority is ordering IMS &#8212; October 10, 2016\" \/>\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\/texas-securities-cases-ims-securities-pay-100k-variable-annuity-exchanges-state-regulator-bans-broker-making-nontraded-reit-recommendations-former-dallas-billionaire-sam-wyl\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"\u00a0Texas Securities Cases: IMS Securities to Pay $100K Over Variable Annuity Exchanges, State Regulator Bans Broker from Making Nontraded REIT Recommendations, and Former Dallas Billionaire Sam Wyly to Pay $198M To Settle Fraud Case &#8212; Investor Lawyers Blog &#8212; 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October 10, 2016","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/texas-securities-cases-ims-securities-pay-100k-variable-annuity-exchanges-state-regulator-bans-broker-making-nontraded-reit-recommendations-former-dallas-billionaire-sam-wyl\/","twitter_card":"summary_large_image","twitter_title":"\u00a0Texas Securities Cases: IMS Securities to Pay $100K Over Variable Annuity Exchanges, State Regulator Bans Broker from Making Nontraded REIT Recommendations, and Former Dallas Billionaire Sam Wyly to Pay $198M To Settle Fraud Case &#8212; Investor Lawyers Blog &#8212; October 10, 2016","twitter_description":"&nbsp; Texas-Based Brokerage Firm Accused of Inadequate Supervision Involving VA Exchanges The Financial Industry Regulatory Authority is ordering IMS &#8212; October 10, 2016","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; 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