{"id":4807,"date":"2017-11-04T18:07:53","date_gmt":"2017-11-04T23:07:53","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4695"},"modified":"2022-04-01T12:52:35","modified_gmt":"2022-04-01T17:52:35","slug":"finra-cases-ameritas-pay-180k-fine-variable-annuity-sales-ubs-ordered-pay-former-broker-3m-defamation-13-investors-awarded-5m-losses-allegedly-caused-ex-lpl-financial","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/finra-cases-ameritas-pay-180k-fine-variable-annuity-sales-ubs-ordered-pay-former-broker-3m-defamation-13-investors-awarded-5m-losses-allegedly-caused-ex-lpl-financial\/","title":{"rendered":"FINRA Cases: Ameritas to Pay $180K Fine Over Variable Annuity Sales, UBS Ordered to Pay Former Broker $3M for Defamation, and 13 Investors Awarded $5M After Losses Allegedly Caused by Ex-LPL Financial\/Edward Jones Broker"},"content":{"rendered":"<p>\t\t\t\t<strong>Ameritas Investment Corp. Must Pay $180K for Inadequate Supervision Involving VA Sales<\/strong><br \/>\nThe Financial Industry Regulatory Authority is ordering Ameritas to pay $180K for an <a href=\"https:\/\/www.investorlawyers.com\/failure-to-supervise.html\">inadequate supervisory system<\/a> that oversaw its multi-share class variable annuity sales. The self-regulatory organization claims that between 9\/2013 and 7\/2015, the brokerage firm failed in its supervision of the VA sales and did not have adequate written supervisory procedures in place.<\/p>\n<p>It was during this period that the firm sold almost 4,100 variable annuity contracts, making more than $58M in the process. 697 of the sales were L-share contracts, rendering approximately $11M.  These types of contracts usually come with a shorter surrender period than the more common B-share contracts. FINRA believes that the broker-dealer failed to provide its registered representatives proper guidance on the different share classes that were for sale or on how to discern which ones would be best for each customer. <\/p>\n<p><strong>Fired Broker Will be Paid $3M by UBS<\/strong><br \/>\nA FINRA arbitration panel is ordering <a href=\"https:\/\/www.investorlawyers.com\/ubs-painewebber-background-information.html\">UBS Financial Services (UBS) <\/a>to pay $3M in compensatory damages to a broker that it fired. The Claimant, James L. Springer, had made numerous claims, including wrongful termination, emotional distress, negligence, unfair competition, breach of fiduciary duty, unpaid wages, and others. <\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/finra-cases-ameritas-pay-180k-fine-variable-annuity-sales-ubs-ordered-pay-former-broker-3m-defamation-13-investors-awarded-5m-losses-allegedly-caused-ex-lpl-financial\/#more-4807\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ameritas Investment Corp. Must Pay $180K for Inadequate Supervision Involving VA Sales The Financial Industry Regulatory Authority is ordering Ameritas to pay $180K for an inadequate supervisory system that oversaw its multi-share class variable annuity sales. The self-regulatory organization claims that between 9\/2013 and 7\/2015, the brokerage firm failed in its supervision of the VA [&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":[3773,3752,3739,3755,3884],"tags":[2915],"class_list":["post-4807","post","type-post","status-publish","format-standard","hentry","category-broker-fraud","category-financial-firms","category-finra","category-ubs","category-variable-annuities","tag-wrongful-termination"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FINRA Cases: Ameritas to Pay $180K Fine Over Variable Annuity Sales, UBS Ordered to Pay Former Broker $3M for Defamation, and 13 Investors Awarded $5M After Losses Allegedly Caused by Ex-LPL Financial\/Edward Jones Broker &#8212; Investor Lawyers Blog &#8212; November 4, 2017<\/title>\n<meta name=\"description\" content=\"Ameritas Investment Corp. Must Pay $180K for Inadequate Supervision Involving VA Sales The Financial Industry Regulatory Authority is ordering Ameritas to &#8212; November 4, 2017\" \/>\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\/finra-cases-ameritas-pay-180k-fine-variable-annuity-sales-ubs-ordered-pay-former-broker-3m-defamation-13-investors-awarded-5m-losses-allegedly-caused-ex-lpl-financial\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FINRA Cases: Ameritas to Pay $180K Fine Over Variable Annuity Sales, UBS Ordered to Pay Former Broker $3M for Defamation, and 13 Investors Awarded $5M After Losses Allegedly Caused by Ex-LPL Financial\/Edward Jones Broker &#8212; Investor Lawyers Blog &#8212; November 4, 2017\" \/>\n<meta name=\"twitter:description\" content=\"Ameritas Investment Corp. Must Pay $180K for Inadequate Supervision Involving VA Sales The Financial Industry Regulatory Authority is ordering Ameritas to &#8212; November 4, 2017\" \/>\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=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FINRA Cases: Ameritas to Pay $180K Fine Over Variable Annuity Sales, UBS Ordered to Pay Former Broker $3M for Defamation, and 13 Investors Awarded $5M After Losses Allegedly Caused by Ex-LPL Financial\/Edward Jones Broker &#8212; Investor Lawyers Blog &#8212; November 4, 2017","description":"Ameritas Investment Corp. Must Pay $180K for Inadequate Supervision Involving VA Sales The Financial Industry Regulatory Authority is ordering Ameritas to &#8212; November 4, 2017","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\/finra-cases-ameritas-pay-180k-fine-variable-annuity-sales-ubs-ordered-pay-former-broker-3m-defamation-13-investors-awarded-5m-losses-allegedly-caused-ex-lpl-financial\/","twitter_card":"summary_large_image","twitter_title":"FINRA Cases: Ameritas to Pay $180K Fine Over Variable Annuity Sales, UBS Ordered to Pay Former Broker $3M for Defamation, and 13 Investors Awarded $5M After Losses Allegedly Caused by Ex-LPL Financial\/Edward Jones Broker &#8212; Investor Lawyers Blog &#8212; November 4, 2017","twitter_description":"Ameritas Investment Corp. Must Pay $180K for Inadequate Supervision Involving VA Sales The Financial Industry Regulatory Authority is ordering Ameritas to &#8212; November 4, 2017","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/finra-cases-ameritas-pay-180k-fine-variable-annuity-sales-ubs-ordered-pay-former-broker-3m-defamation-13-investors-awarded-5m-losses-allegedly-caused-ex-lpl-financial\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/finra-cases-ameritas-pay-180k-fine-variable-annuity-sales-ubs-ordered-pay-former-broker-3m-defamation-13-investors-awarded-5m-losses-allegedly-caused-ex-lpl-financial\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"FINRA Cases: Ameritas to Pay $180K Fine Over Variable Annuity Sales, UBS Ordered to Pay Former Broker $3M for Defamation, and 13 Investors Awarded $5M After Losses Allegedly Caused by Ex-LPL Financial\/Edward Jones Broker","datePublished":"2017-11-04T23:07:53+00:00","dateModified":"2022-04-01T17:52:35+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/finra-cases-ameritas-pay-180k-fine-variable-annuity-sales-ubs-ordered-pay-former-broker-3m-defamation-13-investors-awarded-5m-losses-allegedly-caused-ex-lpl-financial\/"},"wordCount":641,"keywords":["wrongful termination"],"articleSection":["Broker Fraud","Financial Firms","FINRA","UBS","Variable Annuities"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/finra-cases-ameritas-pay-180k-fine-variable-annuity-sales-ubs-ordered-pay-former-broker-3m-defamation-13-investors-awarded-5m-losses-allegedly-caused-ex-lpl-financial\/","url":"https:\/\/www.investorlawyers.com\/blog\/finra-cases-ameritas-pay-180k-fine-variable-annuity-sales-ubs-ordered-pay-former-broker-3m-defamation-13-investors-awarded-5m-losses-allegedly-caused-ex-lpl-financial\/","name":"FINRA Cases: Ameritas to Pay $180K Fine Over Variable Annuity Sales, UBS Ordered to Pay Former Broker $3M for Defamation, and 13 Investors Awarded $5M After Losses Allegedly Caused by Ex-LPL Financial\/Edward Jones Broker &#8212; Investor Lawyers Blog &#8212; November 4, 2017","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2017-11-04T23:07:53+00:00","dateModified":"2022-04-01T17:52:35+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"Ameritas Investment Corp. Must Pay $180K for Inadequate Supervision Involving VA Sales The Financial Industry Regulatory Authority is ordering Ameritas to &#8212; November 4, 2017","breadcrumb":{"@id":"https:\/\/www.investorlawyers.com\/blog\/finra-cases-ameritas-pay-180k-fine-variable-annuity-sales-ubs-ordered-pay-former-broker-3m-defamation-13-investors-awarded-5m-losses-allegedly-caused-ex-lpl-financial\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.investorlawyers.com\/blog\/finra-cases-ameritas-pay-180k-fine-variable-annuity-sales-ubs-ordered-pay-former-broker-3m-defamation-13-investors-awarded-5m-losses-allegedly-caused-ex-lpl-financial\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.investorlawyers.com\/blog\/finra-cases-ameritas-pay-180k-fine-variable-annuity-sales-ubs-ordered-pay-former-broker-3m-defamation-13-investors-awarded-5m-losses-allegedly-caused-ex-lpl-financial\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.investorlawyers.com\/blog\/"},{"@type":"ListItem","position":2,"name":"FINRA Cases: Ameritas to Pay $180K Fine Over Variable Annuity Sales, UBS Ordered to Pay Former Broker $3M for Defamation, and 13 Investors Awarded $5M After Losses Allegedly Caused by Ex-LPL Financial\/Edward Jones Broker"}]},{"@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; Kantas, LLP","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.investorlawyers.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431","name":"Shepherd Smith Edwards &amp; Kantas, LLP","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","caption":"Shepherd Smith Edwards &amp; Kantas, LLP"},"sameAs":["https:\/\/www.investorlawyers.com\/"]}]}},"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pedX9K-1fx","_links":{"self":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/4807","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/comments?post=4807"}],"version-history":[{"count":4,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/4807\/revisions"}],"predecessor-version":[{"id":26085,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/4807\/revisions\/26085"}],"wp:attachment":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/media?parent=4807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/categories?post=4807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/tags?post=4807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}