Stoltmann Law Offices is investigating Voya Financial Advisors, Transamerica Financial Advisors, Investacorp Inc., J.P. Turner, National Planning Corp and Cetera Investment Services, all broker-dealers fined by the Financial Industry Regulatory Authority for failing to give clients appropriate breakpoint discounts on large sales of nontraded real estate investment trusts (REITs) and business development companies. The fines were as follows:
Voya Financial: $325,000
Transamerica: $51,000
Investacorp: $50,000
J.P. Turner: $45,000
National Planning Corp: $30,000 and $16,400
Cetera Investment Services: $30,000 and $17,900
The focus of the settlements were the firms’ inability to maintain supervisory systems for the products. The firms did not apply the volume discounts from 2009 until last year. The firms were also ordered to pay restitution to clients who were overcharged.
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