According to H.D. Vest Investment Securities’ Letter of Acceptance, Waiver and Consent (“AWC”) with FINRA, the firm consented to a $100,000 fine for failing to implement certain surveillance procedures and violating various disclosure rules. AWC 2014039092201 detailed the following alleged violations: 1.) late and/or inaccurate Form U4 filings, 2.) failure to accurately and/or timely report customer complaints, 3.) failure to adequately supervise variable annuity transactions, and 4.) failure to implement surveillance process to review for inappropriate rates of variable annuity exchange transactions.
The firm’s FINRA Broker Check report reveals that H.D. Vest has been the subject of thirteen regulatory actions from 1995 to 2016 resulting in fines and restitution. Also H.D. Vest has been the subject of four arbitration proceedings leading to fines based on allegations of unsuitability and a failure to supervise.
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