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Variable Annuities

Fifth Third Securities Fined $4 Million for Exchanges of Variable Annuities

On May 8, 2018, the Financial Industry Regulatory Authority (FINRA) announced that it fined Fifth Third Securities, Inc. $4 million.  FINRA, the self-regulator of securities brokerages, levied the fine in connection with its investigation of Fifth Third’s variable annuities exchanges occurring from 2013 through 2015. FINRA also ordered Fifth Third to pay a total amount

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Michael Giokas, former Fortune Financial Services, Inc. Stockbroker, Barred for Failure to Cooperate with Investigation into Fraud Charges

Update: Michael Giokas pleads guilty to wire fraud. On March 23, 2018, FINRA announced it barred securities broker Michael Giokas from associating with firms registered with FINRA.  FINRA (Financial Industry Regulatory Authority, Inc.) registers and regulates securities brokers and brokerage firms. In a Letter of Acceptance, Waiver and Consent (AWC), FINRA stated it barred Michael

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Former Merrill Lynch Broker, Christopher Hibbard, Fired and Supsended After Investor Accused Him of Theft

On February 7, 2018, FINRA suspended Christopher Lee Hibbard due his alleged failure to cooperate with FINRA’s investigation into accusations he stole from an investor client.  FINRA (Financial Industry Regulatory Authority, Inc.) registers and regulates security brokers and brokerage firms. Merrill Lynch had previously reported to FINRA on January 8, 2018 that it fired Hibbard

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JoeAnn Walker (JoAnne Mitchell), Former Next Financial and LPL Financial Broker, Barred by FINRA from Associating with Securities Firms

On March 13, 2018, FINRA barred JoeAnn Walker from associating with any FINRA member firms as of December 12, 2017.  FINRA (Financial Industry Regulatory Authority, Inc.) registers and regulates stock brokers and brokerage firms. FINRA stated in a Letter of Acceptance, Waiver and Consent (“AWC”) that JoeAnn Walker was barred for allegedly failing to produce

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