Cadaret Grant, the nation’s 34th-largest independent broker-dealer, consented to a $200,000 fine, further restitution to investors and a censure for the improper sale of variable annuities to elderly clients, FINRA announced.

From 2006 to 2008, one of Cadaret Grant’s registered reps sold 13 elderly clients -- all age 77 or older -- unsuitable death benefit riders to variable annuities, according to a FINRA ruling. The death benefit was only good through age 80, costing the clients an additional 25 basis points in fees for the life of policy, even though it no longer applied beyond age 81.

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