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Fifth Third Securities Sanctioned by FINRA for Failures Relating to Variable Annuity Exchanges

Fifth Third Securities, Inc. was fined by the Financial Industry Regulatory Authority (FINRA) earlier this week for $4 million and was ordered to pay restitution of $2 million after the regulator determined the firm failed to correctly consider and properly describe benefits and costs of variable annuity exchanges. In addition, the agency found that Fifth Third Securities, Inc. made unsuitable recommendations with regard to variable annuity exchanges.

Variable annuities are a type of complex investment that is typically sold to retirees and other individuals saving money for retirement. During its investigation, FINRA found that Fifth Third Securities failed to properly supervise its registered representatives and advisers and failed to correctly assess certain information when recommending VA exchanges to its customers. To make matters worse, FINRA discovered that many of the firm's representatives were not properly trained in terms of conducting comparative analysis' of VAs and ended up misleading customers on the benefits and costs of exchanges it was selling to customers. In addition, the firm has been accused of violating a number of industry rules and standards.

Did You Lose Money While Investing with Fifth Third Securities, Inc.?

Meyer Wilson is dedicated to raising awareness whenever an instance of major investment fraud occurs. If you or someone you know believe you may have suffered financial losses while working with Fifth Third Securities, Inc., we would like to hear from you. Contact an experienced Meyer Wilson investment fraud attorney at (800) 738-1960 today for a case evaluation.

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The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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