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Violation Tracker Individual Record

Company: Waddell & Reed, Inc.
Current Parent Company: Macquarie
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Penalty: $18,000,000
Year: 2005
Date: April 29, 2005
Offense Group: financial offenses
Primary Offense: investor protection violation
Violation Description: To resolve litigation relating to variable annuities, Waddell & Reed agreed to repay up to $11 million to more than 5,000 customers along with a fine of $5 million to NASD and a fine of $2 million to state regulators.
Level of Government: state
Action Type: agency action
Agency: Multistate Financial Regulators Case
Civil or Criminal Case: civil
HQ Country of Current Parent: Australia
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: financial services
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.