A.G. Edwards pays $755,000 to end annuities probe.
April 22, 2011 by Jim Gallagher
Posted: Wednesday, April 20, 2011 4:28 pm
A.G. Edwards & Sons, now a part of Wells Fargo & Co, will pay $756,000 to settle allegations that it sold variable annuities to elderly customers without proper documentation.
In an agreement with Missouri Secretary of State Robin Carnahan, the brokerage agreed to pay $381,000 to 31 Missouri investors and $375,000 to the state Investor Education and Protection Fund.
The investigation stemmed from a complaint by an 81-year-old investor from Southwest Missouri. Carnahan’s office said the company couldn’t show that the annuities were sold in compliance with the firm’s procedures.
A.G. Edwards, now known as Wells Fargo Advisors, based in downtown St. Louis.
Originally Posted at StLouisToday.com on April 20, 2011 by Jim Gallagher.
Categories: Industry Articles
