The Massachusetts Securities Division has issued subpoenas to 15 banks and broker/dealers as part of an investigation into variable annuity to seniors. Some of the inquiries stem from customer complaints and others are part of an effort to learn more about variable annuity sales, reports the Boston Globe.

Mass. Secretary of the Commonwealth William Galvin's office filed an administrative complaint against Citizens Bank on Feb. 10, but in the meantime, the office has also made inquiries at the following banks: Sovereign, Bank of America, Century, BankNorth, Eastern, and Medford Co-Operative Bank.

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