Thomas Phillips recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). Stoltmann Law Offices is investigating the fact that FINRA alleges that Phillips misstated fees associated with 16 variable annuity transactions on variable annuity switch forms. Allegedly, between November 2013 and September 2014, Phillips was registered with Wesbanco Securities and prepared Investment Exchange Acknowledgement Forms (VA switch forms) in connection with 16 VA transactions. The forms contained information explaining the basis for replacing one VA with another, which included, among other things, the fees associated with each policy, such as mortality and expense fees, administrative fees and fees for certain riders. In each of the 16 transactions, Phillips misstated the fees associated with the VA being replaced or acquired, and in a few instances, both. For this, he was censured and fined $10,000.
Thomas Phillips was registered with Painewebber Inc. in Weehawken, New Jersey from November 1992 until February 1999, Amtrust Investment Services in Columbus, Ohio from March 1999 until March 2009 and is currently registered with Wesbanco Securities in Chillicothe, Ohio and has been since March 2009. He has two customer disputes against him. It may be possible to bring a claim against Phillps’ firm, Wesbanco Securities, in the FINRA arbitration process. They had a duty to reasonably supervise him while he was employed there. Because they did not, they may be responsible for money losses. You may call our securities law firm in Chicago for a free consultation with an attorney. We will be happy to discuss your options with you. There is no obligation.
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