Broker’s Annuity Strategy Nets $275K Fine For Ohio National Life Subsidiary

May 3, 2021 by Eric Rasmussen

An Ohio National Life Insurance subsidiary was fined $275,000 Friday after the Financial Industry Regulatory Authority said one of its top producers recommended unsuitable investment strategies to 76 customers involving variable annuities and whole life policies.

Finra is also requiring the subsidiary, the O.N. Equity Sales Company, or ONESCO, to give more than $1 million back to the customers.

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Originally Posted at Financial Advisor on May 3, 2021 by Eric Rasmussen.