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FINRA Member and Principals: Excessive Commission Charges
USA Advanced Planners (Grand Rapids, MI), along with 2 Registered Principals, agreed to settle FINRA charges that the firm, acting through Mr. Rodman and Mr. Tubbergen, charged excessive commissions on variable life settlement transactions. The firm allegedly failed to inform each customer who engaged in a VLS transaction of the commissions they would be (or were) charged - i.e., either before or after the conclusion of the
transactions, which are considered securities transactions. This meant the firm was obligated to deliver a confirmation to the customers, which it failed to do. And, as usual, the firm was charged with supervision and WSP violations.
As settlement, the firm and Rodman will pay, jointly and severally, partial restitution to customers in the total amount of $352K, plus interest. Rodman was suspended for 2 weeks. The firm and Tubbergen agreed to pay $53K in restitution, jointly and severally. This was FINRA Case #2007011559701.
For further details on this or other cases, go to: [FINRA Disciplinary Actions for January]
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