Violation Tracker Individual Record

Company: 
Transamerica Financial Advisors, Inc.
Current Parent Company: 
Aegon
Penalty: 
$8,800,000
Year: 
2020
Date: 
December 21, 2020
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
financial institution supervision failures
Violation Description: 

FINRA announced that Transamerica Financial Advisors, Inc. agreed to pay approximately $4.4 million in restitution to approximately 2,400 customers for failing to supervise its registered representatives' recommendations of three different products - variable annuities, mutual funds, and 529 plans. FINRA also fined TFA $4.4 million.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Financial Industry Regulatory Authority
Civil or Criminal Case: 
civil
HQ Country of Parent: 
Netherlands
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
insurance
Notes: 

FINRA is a securities industry self-regulatory body authorized by the federal government.

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.