The Financial Industry Regulatory Authority (FINRA) fined Prudential Annuities Distributors, Inc. $950,000 for failing to detect and prevent a scheme that resulted in the theft of $1.3 million from an 89-year-old customer’s variable annuity account. FINRA alleged that Prudential Annuities failed to safeguard customers from a former registered sales assistant at LPL Financial, Travis Wetzel. Mr. Wetzel transferred money from the customer’s account to a third-party bank account in his wife’s name. For this, Wetzel was barred from the industry and is a convicted felon. FINRA fined Prudential, stating that the firm should have been privy to “red flags” that should have appeared to the firm. Please call our law firm today to speak to an attorney for free at 312-332-4200.
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