Articles Tagged with FTB Advisors

Kenneth Miller

Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on May 25, 2017 indicate that former Tennessee-based FTB Advisors broker Kenneth Miller has been sanctioned by FINRA and barred from acting as a broker or otherwise associating with firms that sell securities to the public. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Miller (CRD# 5659109).

Kenneth Miller has spent six years in the securities industry and was most recently registered with FTB Advisors in Greeneville, Tennessee (2009-2016). He has no previous registrations. He has passed two securities industry examinations: Series 6 (Investment Company Products/Variable Contracts Representative Examination) and Series 63 (Uniform Securities Agent State Law Examination). He is currently not registered with any state or firm.

According to his BrokerCheck report, Kenneth Miller has been sanctioned by FINRA and was discharged from his former employer in connection to alleged rule violations.

VOYAAccording to publicly available records released by the Financial Industry Regulatory Authority (FINRA) on November 2, 2016, and accessed on February 3, 2017, FINRA has sanctioned eight broker-dealer firms in connection to alleged sales variable annuity sales violations. Fitapelli Kurta is interested in hearing from investors who have complaints regarding the firms in question: VOYA Financial Advisors, Cetera Advisor Networks, Cetera Financial Specialists, First Allied Securities, Summit Brokerage Services, VSR Financial Services, Kestra Investment Services, and FTB Advisors.

FINRA’s release alleges that the firms failed to supervise the sales of variable annuity products. According to the complaint: “The L-share VAs at the heart of this action are complex investment products combining insurance and security features designed for short-term investors willing to pay higher fees in exchange for shorter surrender periods. L-shares also had the potential to pay greater compensation to the firms and registered representatives than more traditional share classes. Each of the firms in this action lacked an adequate system to supervise variable annuities with multiple share classes, and failed to provide its registered representatives and principals with reasonable guidance regarding the narrow class of customers for whom the costs and features of L-share variable annuities were suitable.”

The release goes on to say that the alleged failures were “compounded” when the L-shares were often sold with “complex and expensive guaranteed income and withdrawal riders that provided benefits only over longer holding periods.” VOYA, as well as four Cetera Group firms, allegedly failed to notify red flags of “broad patterns of potentially unsuitable sales of this product combination.”