American Express Financial Advisors has to cough up $350,000 in fines to the NASD after the firm was accused of inadequate disclosure related to variable annuity sales. The misconduct is alleged to have occurred over a 30-month period ending in 2000.

The regulatory body found that some of American Express's registered representatives sold variable annuities with inadequate disclosure about costs and benefits. Furthermore, it also found fault with the company's establishment, maintenance and enforcement of supervisory policies regarding the sale of variable annuities and variable life insurance.

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