Finra Bars Broker Who Blamed DOL’s Fiduciary Rule in VA Ruse

March 11, 2020 by Alex Padalka

Finra has barred a former broker who allegedly told clients that the Department of Labor’s fiduciary rule required him to send out forms giving him the right to withdraw advisor fees from their variable annuity accounts.

Between August and December 2016, Louis Cook, then associated with National Planning Corp., allegedly got at least 11 clients to sign a third-party authorization form giving him the right to make changes or withdraw funds from their VA policy values to cover advisory fees, according to a letter of acceptance, waiver and consent published by Finra.

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Originally Posted at Financial Advisor IQ on March 6, 2020 by Alex Padalka.