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Violation Tracker Individual Record

Company: Transamerica Financial Advisors, Inc.
Current Parent Company: Aegon
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $8,800,000
Year: 2020
Date: December 21, 2020
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: financial institution supervision failures
Violation Description: FINRA announced that Transamerica Financial Advisors, Inc. agreed to pay approximately $4.4 million in restitution to approximately 2,400 customers for failing to supervise its registered representatives' recommendations of three different products - variable annuities, mutual funds, and 529 plans. FINRA also fined TFA $4.4 million.
Level of Government: federal
Action Type: agency action
Agency: Financial Industry Regulatory Authority
Civil or Criminal Case: civil
HQ Country of Current Parent: Netherlands
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: insurance
Source of Data: (click here)
Archived Source: (click here)
Notes: FINRA is a securities industry self-regulatory body authorized by the federal government.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.