Annuity FA Settles with SEC for $1.1M over Product Recommendations

May 30, 2024 by Alex Padalka

The Securities and Exchange Commission has reached a more than $1 million settlement with an experienced financial advisor over his choice of annuities and money market funds for his clients.

The commission claims that from at least April 2016 through Oct. 1, 2021, Raymond Lent — a registered broker since 1976 who was doing business as The Putney Financial Group, Registered Investment Advisors during the period in question — recommended that his clients buy variable annuities from insurers paying upfront sales commissions to Putney’s affiliated broker, Portsmouth Financial Services, as well as to Lent himself, in his capacity as a registered representative of Portsmouth.

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Originally Posted at Financial Advisor IQ on May 23, 2024 by Alex Padalka.