According to a recent InvestmentNews article, the Financial Industry Regulatory Authority (FINRA) fined brokerage firm Horner Townsend & Kent $275,000 for failing to supervise its brokers sales of variable annuities. Specifically, FINRA claimed that the firm had not adequately supervised sales of L-share variable annuities, which have longer surrender periods and higher fees than B shares. Allegedly, these activities took place between April 2013 and June 2015. During that period, according to FINRA, 7,398 or 46.7% of the 15,815 variable annuity contracts sold to its customers were L-share contracts. If you suffered losses with Horner Townsend & Kent, you may be able to recover them by calling our securities law firm in Chicago, Illinois at 312-332-4200 today. The call is free with no obligation, and we take cases on a contingency fee basis, which means we only make money if you recover yours. We sue firms in the FINRA arbitration forum. The firm may be liable for losses.
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