Published On: October 9, 2016

According to a recent InvestmentNews article entitled “Texas broker-dealer fined $100,000 over variable annuity exchanges,” the Financial Industry Regulatory Authority (FINRA) fined Texas-based IMS Securities $100,000 for failures in monitoring variable annuity exchanges. The firm’s executives were also targeted in a pair of multimillion-dollar customer disputes involving variable annuities and real estate investment trusts (REITs). FINRA alleged that IMS had a lack of “adequate supervisory procedures for problematic rates of exchange” in variable annuity transactions. An annuity exchange allows brokers to transfer funds in an annuity to a new policy without subsequent tax penalties. FINRA requires firms such as IMS to have procedures in place to make sure that brokers don’t abuse the practice and only make the exchanges to benefit themselves. If you have suffered losses because of IMS’ variable annuity exchanges, please call our law firm in Chicago today at 312-332-4200 to speak to one of our attorneys about your options of bringing legal recourse against the firm. We may be able to help you recover your losses.

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