Filed Under:Annuities, Fixed Indexed

Broker Fined and Suspended for Equity Indexed Annuities and Whole Life Outside Business Activities (Forbes)

Broker Thomas R. Fortino submitted a Letter of Acceptance, Waiver and Consent to settle rule violations alleged by FINRA. Fortino worked for several FINRA member firms, including three stints at First Allied Securities Inc., since he entered the securities industry in 1995. Fortino was permitted to resign from First Allied in July 2010 for failing to disclose outside business activities and referrals. FAS prohibited outside equity indexed annuities sales for a period from January 2007 to July 2010, and required authorization prior to engaging in any outside insurance sales. At least $68,843 of Fortino’s $334,764.93 transactional-based earnings during the period was attributable to EIA sales. Fortino was issued a Letter of Caution in April 2009 for unapproved EIA sales. Fortino made three subsequent unapproved EIA sales. In accordance with the AWC, FINRA imposed upon Fortino a $15,000 fine and a 10-month suspension from associating with any FINRA member firm in any capacity.

Read the story.

Featured Video

Most Recent Videos

Behind the scenes with Vicki Gunvalson [VIDEO]


In this exclusive interview, Vicki Gunvalson shares how she built a $15 million a year annuity business by planning for...

Regulator: Market may need to reinvent LTCI


Cioppa says Maine's governor wants to spur the creation of better products.

Dementia: It's more than Alzheimer's


An association calls for policymakers to remember lesser-known neurodegenerative conditions.

Protesters Disrupt WellPoint Annual Meeting


Hecklers call for more disclosures of information about political contributions.

Related resources

More Resources


Power your business with up-to-the-minute insurance news, analysis, and best practices from LifeHealthPro Daily eNewsletter – FREE.

Power your business with LifeHealthPro Daily eNewsletter – FREE.

Enter a valid email address.
Nichole Morford

Nichole Morford
Managing Editor

Thank you for subscribing to LifeHealthPro Daily!

Check Out More eNewsletters Now! Close

Advertisement. Closing in 15 seconds.