Posted in: Senior Investors | Greedy Brokers |
Where else but Wall Street would supervisors supervise themselves! Especially for variable annuities, where a person's whole retirement account can be used to credit the high front end (but often hiddent) commissions, for the broker and the employing firm. I have a feeling, this one is just one of many to come--if there is ever any bite to the 'regualators." Great quote: "RJFS's supervisory system was inadequate because it allowed producing branch managers to supervise themselves, said James S. Shorris, NASD's
Executive Vice President and Head of Enforcement. "This flawed supervisory system created a situation where the unsuitable sales of variable annuities and risky mutual funds to elderly and risk-averse customers went undetected." For more, see the NASD press release, at www.nasd.com
