Violation Tracker Individual Record

Company: 
Jefferson Pilot Variable Corporation
Current Parent Company: 
Lincoln National
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 Parent: 
USA
HQ State of Parent: 
Pennsylvania
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
financial services
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).

Source Notes: 
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Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.