{"id":3936,"date":"2016-11-15T18:35:13","date_gmt":"2016-11-16T00:35:13","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/?p=3936"},"modified":"2022-03-28T11:23:07","modified_gmt":"2022-03-28T16:23:07","slug":"texas-based-broker-dealer-accused-harming-elderly-massachusetts-investors-via-high-pressure-sales-tactics","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/texas-based-broker-dealer-accused-harming-elderly-massachusetts-investors-via-high-pressure-sales-tactics\/","title":{"rendered":"Texas-Based Broker-Dealer Accused of Harming Elderly Massachusetts Investors Via High-Pressure Sales Tactics"},"content":{"rendered":"

Secretary of State William Galvin is accusing Texas-based brokerage firm<\/a> Investment Professionals of selling investment products to elderly customers even though the investments were not suitable for them. The San Antonio broker-dealer allegedly ran high-pressure sales contests at several partner community banks in the New England state between\u00a02013 and 2016. Galvin said that the purported \u201csales gimmicks\u201d were\u00a0 \u201cunacceptable\u201d and that his office would not tolerate them.<\/p>\n

The Texas-based brokerage firm allegedly prioritized sales volume over whether or not the investments they were selling were suitable for the older customers. The customers had accounts at the local Massachusetts banks. For example, one bank customer, who was suffering from terminal cancer, saw so\u00a0many of her assets placed in a variable annuity that she could not access her savings.<\/p>\n

Galvin charged that these sales contests were not in alignment with Investment Professionals\u2019 own procedures and policies and his office accused the firm of inadequate supervision, in particular of the Texas broker-dealer\u2019s representatives who worked out of the Massachusetts banks. He noted that sales contests are \u201ccontrary to investor protections.\u201d<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Secretary of State William Galvin is accusing Texas-based brokerage firm Investment Professionals of selling investment products to elderly customers even though the investments were not suitable for them. The San Antonio broker-dealer allegedly ran high-pressure sales contests at several partner community banks in the New England state between\u00a02013 and 2016. Galvin said that the purported […]<\/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":[3803,3750,3884],"tags":[3702,2644],"class_list":["post-3936","post","type-post","status-publish","format-standard","hentry","category-senior-investors","category-texas-securities-fraud","category-variable-annuities","tag-investment-professionals","tag-william-galvin"],"yoast_head":"\nTexas-Based Broker-Dealer Accused of Harming Elderly Massachusetts Investors Via High-Pressure Sales Tactics — Investor Lawyers Blog — November 15, 2016<\/title>\n<meta name=\"description\" content=\"Secretary of State William Galvin is accusing Texas-based brokerage firm Investment Professionals of selling investment products to elderly customers even — November 15, 2016\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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