Texas broker-dealer fined $100,000 over variable annuity exchanges
IMS Securities, a shop with around 110 brokers, didn't have adequate supervisory procedures in place to ensure brokers weren't abusing annuity exchanges.
A small, Texas-based broker-dealer has been fined $100,000 for failures in monitoring variable annuity exchanges, within months of firm executives being targeted in a pair of multimillion-dollar customer disputes involving variable annuities and real estate investment trusts.
The Financial Industry
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