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:
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note:
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.
