A broker-dealer must pay a client over $1 million after she accused the company of fraud in connection with her variable annuity investment, according to a FINRA arbitration decision.
Wilbanks Securities, an Oklahoma City-based firm, sold Grace Huitt on an ING Landmark Variable Annuity by promising her 7% returns, says Huitt’s attorney, Marc Fitapelli. The case, decided last week by a Salt Lake City panel, came as part of a surge in client claims involving annuities amid debate around the Department of Labor’s fiduciary rule.
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