VALIC Financial Advisors Settles with FINRA for $350,000 Regarding Variable Annuities and Customer Complaints
We are currently investigating allegations made against VALIC Financial Advisors, a Houston, Texas-based securities brokerage firm. FINRA (the Financial Industry Regulatory Authority) brought a regulatory action against the brokerage firm (short for Variable Annuity Life Insurance Company) Financial Advisors, making allegations that it failed to adequately supervise issues related to variable annuities.
FINRA alleged that VALIC Financial Advisors failed to adequately supervise rates of variable annuity exchanges and for corrective action in the case of inappropriate exchanges. FINRA also alleged that they failed to review transactions where customers added additional funds to an existing variable annuity. Finally, it was alleged that the firm failed to timely report 174 customer complaints. To settle these allegations, VALIC agreed to pay a $350,000 fine.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; Ann Arbor, Michigan; and Phoenix, Arizona. We represent investors in FINRA arbitration proceedings in all 50 states. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against VALIC Financial Advisors.