Violation Tracker Individual Record

Company: 
Waddell & Reed, Inc.
Current Parent Company: 
Waddell & Reed Financial Inc.
Penalty: 
$18,000,000
Year: 
2005
Date: 
April 29, 2005
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Violation Description: 

To resolve litigation relating to variable annuities, Waddell & Reed agreed to repay up to $11 million to more than 5,000 customers along with a fine of $5 million to NASD and a fine of $2 million to state regulators.

Level of Government: 
state
Action Type: 
agency action
Agency: 
Multistate Financial Regulators Case
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
Kansas
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
investment management
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.