September 29, 2014- Dallas, Texas
The Financial Industry Regulatory Authority (FINRA) filed a complaint against SWS Financial Services alleging that from September 2009 to May 2011 it had inadequate supervisory systems to supervise its variable annuity business.
SWS Financial Services (SWS) was formed in 1986, is headquartered in Dallas, TX, and has 313 registered representatives operating from 189 offices.
Allegations made by FINRA in the complaint include:
- SWS derived 16%-20% of its total revenues from the offer and sale of variable annuities to customers
- over 70% of non-OSJ applications for variable annuities were submitted without having been reviewed by an SWS securities principal
- suitability reviews of variable annuity transactions were inadequate
If you have losses on a variable annuity purchased from SWS Financial Services, you may be able to recover damages. Contact us for more information.
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.
Florida-561 391 1900