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Violation Tracker Individual Record

Company: Jefferson Pilot Variable Corporation
Current Parent CompanyLincoln National
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Penalty: $688,697
Year: 2005
Date: March 25, 2005
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: financial institution supervision failures
Violation Description: 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.
Level of Government: federal
Action Type: agency action
Agency: Financial Industry Regulatory Authority
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: Pennsylvania
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)
Notes: 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).
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.