{"id":3892,"date":"2016-11-02T09:37:05","date_gmt":"2016-11-02T14:37:05","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/?p=3892"},"modified":"2022-03-23T13:17:46","modified_gmt":"2022-03-23T18:17:46","slug":"voya-financial-advisors-cetera-advisors-six-broker-dealers-pay-12-5m-fines-restitution-allegedly-not-properly-supervising-sale-l-share-variable-annuities","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/voya-financial-advisors-cetera-advisors-six-broker-dealers-pay-12-5m-fines-restitution-allegedly-not-properly-supervising-sale-l-share-variable-annuities\/","title":{"rendered":"Voya Financial Advisors, Cetera Advisors, and Six Other Broker-Dealers to Pay $12.5M in Fines and Restitution For Allegedly Not Properly Supervising The Sale of L-Share Variable Annuities"},"content":{"rendered":"<p>&nbsp;<\/p>\n<blockquote>\n<div class=\"WordSection1\">\n<div class=\"\"><\/div>\n<div class=\"\"><span class=\"\">The Financial Industry Regulatory Authority is fining eight brokerage firms $6.2M for not supervising the sale of L-share variable annuities to customers. Five of the firms must pay another $6.3M to customers because the variable annuities that they were purchased were potentially not compatible with the latter\u2019s investment goals and accounts.<\/span><\/div>\n<div class=\"\"><span class=\"\">\u00a0<\/span><\/div>\n<div class=\"\"><span class=\"\">The firms, and their sanctions, include: Voya Financial Advisors Inc., for $2.75M fine, First Allied Securities, Inc., for $950K fine, VSR Financial Services, for $400K fine, Cetera Financial Specialists LLC, for $350K fine, Cetera Advisors Networks LLC, for $750K fine, Summit Brokerage Services, Inc., for $500K fine, Kestra Investments, for $475K fine, and FTB Advisors, for $250K fine.\u00a0 The firms that have to pay restitution are: Voya, for $1.8M, while first Allied, Cetera Advisors Networks, VSR, and Summit Brokerage Services will collectively pay $4.5M. All the firms are settling, but they are not denying or admitting to any of the alleged claims.<\/span><\/div>\n<div class=\"\"><\/div>\n<div class=\"\"><span class=\"\">At issue was the sale of the L-share annuities, which are\u00a0<\/span><span class=\"\">\u201cpotentially incompatible, complex and expensive long-term minimum-income and withdrawal riders.\u201d L-share annuities are more likely to pay registered representatives and their firms higher compensation than more traditional instruments.\u00a0<\/span><\/div>\n<div class=\"\"><\/div>\n<div class=\"\"><span class=\"\">\u00a0<\/span><\/div>\n<div class=\"\"><\/div>\n<\/div>\n<\/blockquote>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/voya-financial-advisors-cetera-advisors-six-broker-dealers-pay-12-5m-fines-restitution-allegedly-not-properly-supervising-sale-l-share-variable-annuities\/#more-3892\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; The Financial Industry Regulatory Authority is fining eight brokerage firms $6.2M for not supervising the sale of L-share variable annuities to customers. Five of the firms must pay another $6.3M to customers because the variable annuities that they were purchased were potentially not compatible with the latter\u2019s investment goals and accounts. \u00a0 The firms, [&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":[3739,3884,3892],"tags":[2880,2945,3690,2778],"class_list":["post-3892","post","type-post","status-publish","format-standard","hentry","category-finra","category-variable-annuities","category-vsr-financial-services","tag-cetera","tag-first-allied-securities","tag-l-share-annuities","tag-voya-financial"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Voya Financial Advisors, Cetera Advisors, and Six Other Broker-Dealers to Pay $12.5M in Fines and Restitution For Allegedly Not Properly Supervising The Sale of L-Share Variable Annuities &#8212; Investor Lawyers Blog &#8212; November 2, 2016<\/title>\n<meta name=\"description\" content=\"&nbsp; The Financial Industry Regulatory Authority is fining eight brokerage firms $6.2M for not supervising the sale of L-share variable annuities to &#8212; November 2, 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\/voya-financial-advisors-cetera-advisors-six-broker-dealers-pay-12-5m-fines-restitution-allegedly-not-properly-supervising-sale-l-share-variable-annuities\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Voya Financial Advisors, Cetera Advisors, and Six Other Broker-Dealers to Pay $12.5M in Fines and Restitution For Allegedly Not Properly Supervising The Sale of L-Share Variable Annuities &#8212; Investor Lawyers Blog &#8212; November 2, 2016\" \/>\n<meta name=\"twitter:description\" content=\"&nbsp; The Financial Industry Regulatory Authority is fining eight brokerage firms $6.2M for not supervising the sale of L-share variable annuities to &#8212; November 2, 2016\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Voya Financial Advisors, Cetera Advisors, and Six Other Broker-Dealers to Pay $12.5M in Fines and Restitution For Allegedly Not Properly Supervising The Sale of L-Share Variable Annuities &#8212; Investor Lawyers Blog &#8212; November 2, 2016","description":"&nbsp; The Financial Industry Regulatory Authority is fining eight brokerage firms $6.2M for not supervising the sale of L-share variable annuities to &#8212; November 2, 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\/voya-financial-advisors-cetera-advisors-six-broker-dealers-pay-12-5m-fines-restitution-allegedly-not-properly-supervising-sale-l-share-variable-annuities\/","twitter_card":"summary_large_image","twitter_title":"Voya Financial Advisors, Cetera Advisors, and Six Other Broker-Dealers to Pay $12.5M in Fines and Restitution For Allegedly Not Properly Supervising The Sale of L-Share Variable Annuities &#8212; Investor Lawyers Blog &#8212; November 2, 2016","twitter_description":"&nbsp; The Financial Industry Regulatory Authority is fining eight brokerage firms $6.2M for not supervising the sale of L-share variable annuities to &#8212; November 2, 2016","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/voya-financial-advisors-cetera-advisors-six-broker-dealers-pay-12-5m-fines-restitution-allegedly-not-properly-supervising-sale-l-share-variable-annuities\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/voya-financial-advisors-cetera-advisors-six-broker-dealers-pay-12-5m-fines-restitution-allegedly-not-properly-supervising-sale-l-share-variable-annuities\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Voya Financial Advisors, Cetera Advisors, and Six Other Broker-Dealers to Pay $12.5M in Fines and Restitution For Allegedly Not Properly Supervising The Sale of L-Share Variable Annuities","datePublished":"2016-11-02T14:37:05+00:00","dateModified":"2022-03-23T18:17:46+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/voya-financial-advisors-cetera-advisors-six-broker-dealers-pay-12-5m-fines-restitution-allegedly-not-properly-supervising-sale-l-share-variable-annuities\/"},"wordCount":426,"keywords":["Cetera","First Allied Securities","L-share annuities","Voya Financial"],"articleSection":["FINRA","Variable Annuities","VSR Financial Services"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/voya-financial-advisors-cetera-advisors-six-broker-dealers-pay-12-5m-fines-restitution-allegedly-not-properly-supervising-sale-l-share-variable-annuities\/","url":"https:\/\/www.investorlawyers.com\/blog\/voya-financial-advisors-cetera-advisors-six-broker-dealers-pay-12-5m-fines-restitution-allegedly-not-properly-supervising-sale-l-share-variable-annuities\/","name":"Voya Financial Advisors, Cetera Advisors, and Six Other Broker-Dealers to Pay $12.5M in Fines and Restitution For Allegedly Not Properly Supervising The Sale of L-Share Variable Annuities &#8212; 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