FINRA Suspends Rep for Unsuitable Annuity Switches
May 12, 2025 by Melanie Waddell
The Financial Industry Regulatory Authority has fined a former rep and suspended him for 12 months for recommending 10 unsuitable L-share variable annuity exchanges to nine customers, and two unsuitable variable annuity purchases to two customers — which resulted in the customers paying higher fees.
According to FINRA’s order, from June 2019 to February 2020, Thomas Vigil made the recommendations without a reasonable basis to believe that the they were suitable.
Originally Posted at Think Advisor on May 9, 2025 by Melanie Waddell.
Categories: Industry Articles
