{"id":4797,"date":"2017-10-18T20:04:47","date_gmt":"2017-10-19T01:04:47","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4640"},"modified":"2022-03-22T15:07:25","modified_gmt":"2022-03-22T20:07:25","slug":"finra-goes-two-brokers-variable-annuity-replacement-fraud","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/finra-goes-two-brokers-variable-annuity-replacement-fraud\/","title":{"rendered":"FINRA Goes After Two Brokers for Variable Annuity Replacement Fraud"},"content":{"rendered":"

The Financial Industry Regulatory Authority has suspended broker Cecil Ernest Nivens for two years for allegedly causing harm variable annuity (VA) investors who were his customers. According to the self-regulatory organization\u2019s filing, Nivens failed to abide by his firm’s written supervisory procedures when he didn\u2019t properly process certain variable universal life purchase transactions as replacement trades even though he was the one who recommended that each purchase be paid for from an existing variable annuity fund.<\/p>\n

Nivens earned over $185K in commissions for the variable annuity life purchase transactions, in addition to commissions he was already paid for the variable annuities when they were sold to the same customers. Now, Nivens must disgorge those commissions.<\/p>\n

FINRA accused Nivens of causing \u201cconsiderable\u201d harm to customers. In addition to the excessive commissions, eight of his customers paid over $4K in unnecessary surrender charges. His former firm has paid over $55K to settle VUL fraud customer complaints involving him.<\/p>\n

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

The Financial Industry Regulatory Authority has suspended broker Cecil Ernest Nivens for two years for allegedly causing harm variable annuity (VA) investors who were his customers. According to the self-regulatory organization\u2019s filing, Nivens failed to abide by his firm’s written supervisory procedures when he didn\u2019t properly process certain variable universal life purchase transactions as replacement […]<\/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":[3773,3739,3884],"tags":[],"class_list":["post-4797","post","type-post","status-publish","format-standard","hentry","category-broker-fraud","category-finra","category-variable-annuities"],"yoast_head":"\nFINRA Goes After Two Brokers for Variable Annuity Replacement Fraud — Investor Lawyers Blog — October 18, 2017<\/title>\n<meta name=\"description\" content=\"The Financial Industry Regulatory Authority has suspended broker Cecil Ernest Nivens for two years for allegedly causing harm variable annuity (VA) — October 18, 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