Category Archives: Fifth Third Securities

Fifth Third Securities Hit With $6M Regulatory Sanction Over Variable Annuity Sales

May 2018

According to a FINRA News Release,  Fifth Third Securities was fined $4 million and required to pay $2 million in restitution for failing to appropriately consider and accurately describe the costs and benefits of variable annuity (VA) exchanges, and for recommending exchanges without a reasonable basis to believe the exchanges were suitable for customers.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

The exchange of variable annuities are subject to regulatory requirements to ensure that brokers have a reasonable basis to recommend them, and their supervisors have a reasonable basis to approve the sales. VA’s are complex investments and often sold to retirees and those anticipating retirement.

In addition, FINRA found that Fifth Third had failed to comply with a prior settlement in 2009 with FINRA involving VA’s.

Fifth Third Securities has been a FINRA member since 1939 and has more than 1,300 brokers operating from 1,100 offices located in these states:

  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Kentucky
  • Michigan
  • North Carolina
  • Ohio
  • Tennessee
  • West Virginia

FINRA records disclose that Fifth Third Securities has 36 prior regulatory events.

If you have questions about losses  an account at Fifth Third Securities, call for a no charge consultation to learn how you may be able to recover damages.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Matthew T. Flynn-L.M. Kohn Broker-Discloses Customer Dispute Over REIT Investment

July 2016- Troy, Michigan

The FINRA records of Matthew T. Flynn  , a stock broker employed by L.M. Kohn & Company, disclose  a pending customer arbitration, a prior final financial disclosure and a prior termination.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In FINRA Case 13-003391 , a customer while Flynn was employed by WRP Investments alleges damages of $275,000 for the sale of non publicly traded real estate investments trusts (REIT) that were not suitable.

In 9/2014 Flynn was discharged from Fifth Third Securities who made the following allegation on Flynn’s FINRA record: “The firm terminated the registered representative as a result of an examination which found the registered representative violated firm policies and procedure, including but not limited to, the alteration of a client document.”

Flynn made the following statement in response: “I effectuated the urgent request of a very elderly client who expressed a need to quickly settle his affairs for a surviving spouse. I completed a signature line that the client inadvertently overlooked among dozens of other signatures the client had signed the same forms multiple times to open multiple accounts and overlooked a signature line. I have not previously completed the signature for a client in over 22 years working in the securities industry and only did so because of the unique urgency expressed by the this client.”

Flynn reports discharge from Chapter 7 bankruptcy proceedings in the Eastern District of Michigan in 12/2011.

Osborn has been employed by L.M. Kohn since 10/2014. Prior to that he was employed by FIfth Third Securities from 10/2012-10/2014. Before that he was employed by Morgan Stanley and WRP Investments.

If you have losses in an account handled by Matthew T. Flynn, you may be able to collect damages from his former employer.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Matthew Roger Quinn-Fifth Third Securities Broker Barred from Industry by Regulator

March 20, 2015-Cincinnati, OH

Matthew Roger Quinn   entered into a Letter of Acceptance, Waiver and Consent  (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that  he failed to provide on-the-record testimony pursuant to FINRA rules in response to an investigation that Quinn withdrew funds from the accounts of three elderly bank customers, ages 76, 86 and 89.

Quinn was barred from the securities industry.

FINRA Case # 20130388350

According to FINRA records, Quinn was registered with Fifth Third Securities from 5/2013-11/2013, when he was discharged .Prior to that he was registered with LPL Financial LLC. 

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Fifth Third Securities Ordered to Pay Elderly Client $85,000 in FINRA Arbitration

January 16, 2015- Columbus, Ohio

A FINRA arbitration panel in Columbus , Ohio , ordered Fifth Third Securities and broker Vasumati K. Amin  to pay a customer over $85,000 in compensatory damages, plus interest and costs. The customer alleged that the respondents took advantage of an elderly client in order to collect excessive and unwarranted fees. The customer also alleged that she understood the tax consequences of the transaction or the early withdrawal penalty, she would not have entered into it. Ann Molleson v Fifth Third Securities, et al FINRA Case # 13-1510.

If you have questions about losses in your brokerage account, call to speak with an experienced securities attorney.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Fifth Third Securities Ordered to Pay Elderly Customer For Losses on Unsuitable Investments

January 16, 2015- Columbus, Ohio

A FINRA arbitration panel has ordered Fifth Third Securities and broker Vasumati Amin to pay an elderly client $85,000, plus interest and costs after a  hearing to resolve claims that Fifth Third and Amin took advantage of the client in order to collect excessive and unwarranted  fees. Molleson v. Fifth Third, et al FINRA Case# 13-1510.

If you have questions about your account at Fifth Third Securities, contact us to speak with an experienced securities attorney.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870