FINRA Suspends Rep Over Variable Annuity Switches
February 24, 2026 by Melanie Waddell
The Financial Industry Regulatory Authority has suspended a Supreme Alliance representative for two months and ordered him to pay $5,000 for recommending six variable annuity exchanges to older customers without a reasonable basis to believe that the transactions were suitable.
According to FINRA’s order, between July 2021 and December 2022, Robert Settimio Cupello recommended that six senior customers exchange their existing deferred variable annuity contracts to purchase new deferred variable annuities.
Originally Posted at Think Advisor on Feb 20, 2026 by Melanie Waddell.
Categories: Industry Articles
