Violation Tracker Individual Record
NASD fined Jefferson Pilot Variable Corporation, a Concord, NH broker-dealer, $325,000 for failing to have an adequate supervisory system in place to prevent market timing and excessive trading in the sub-accounts of its Ensemble series of variable universal life insurance policies (VULs). In addition, the firm was required to pay $238,697 in restitution to the affected funds. Separately, NASD fined another affiliate, Jefferson Pilot Securities Corp. (JPSC), also of Concord, $125,000 for failing to retain all e-mail communications of its registered persons.
FINRA is a securities industry self-regulatory body authorized by the federal government. This case was handled by its predecessor, the National Association of Securities Dealers (NASD).