November 2016

Former Advisor Barred From Industry For Defrauding Clients
He is serving a three-year prison term for defrauding clients of nearly $2.5 million, the SEC says.

Valic Pays $1.75M To Settle Finra Conflict Of Interest Charges
Finra fined Valic for failing to manage conflicts when moving assets from variable annuities to its fee-based advisors.

Wells Fargo Employees Sue Over Funds In Retirement Plans
A lawsuit claims the company funneled more than $3 billion of employee savings into expensive, underperforming funds.

Former NFL Player, Partner, Plead Guilty To $37 Million Ponzi Scheme
Will Allen, a former NFL player, pleaded guilty to participating in a $37 million Ponzi scheme.

Finra Fines Firms Over VA Contracts
Finra fined eight firms $6.2 million for failing to supervise VA sales and ordered five to pay customers more than $6 million.