Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on June 9, 2017 indicate that Alabama-based brokerage firm Sterne Agee Financial Services was recently sanctioned by FINRA in connection to alleged rule violations. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Sterne Agee (CRD# 18456).
Established in Delaware in 2002, Sterne Agee is headquartered in Birmingham, Alabama and registered with 52 US states and territories. Jay Carter is Chief Executive Officer; Brian Parker is Chief Compliance Officer; Marcus Richardson is Chief Operating Officer; Conner Wagstaff is Chief Financial Officer, Treasurer and Financial Operations Principal. The firm is registered with the Securities and Exchange Commission and FINRA.
According to the firm’s BrokerCheck report, Sterne Agee Financial Services was recently sanctioned by FINRA.
In March 2017 FINRA sanctioned the firm following allegations the firm failed to establish, maintain and enforce a supervisory system and written supervisory procedures designed to ensure that registered representatives timely amended their Forms U4 and to identify possible inappropriate rates of variable annuity exchanges. A letter of Acceptance, Waiver and Consent (No.2014039419601) signed by the firm states further: “During the referenced time period, at least 20 customer contracts met or ´exceeded a 60% VA concentration level. Further, the average VA concentration level in a sample of 73 customer contracts was 43%. While the firm manually reviewed for concentration as part of its overall suitability review of variable annuities, the WSPs failed to document this process and the firm failed to adequately evidence such review. The firm also failed to develop and document specific training policies and programs regarding suitable concentration levels of VA positions in customer accounts.” The firm was censured and issued a fine of $122,500.
If you or someone you know has lost money investing with Sterne Agee Financial Services, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.