FINRA Sanctions Transamerica Financial Advisors, Inc. $8.8 Million for Supervisory Violations Related to Variable Annuities, Mutual Funds and 529 Plans


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Firm Ordered to Pay $4.4 Million in Restitution to Approximately 2,400 Affected Customers

WASHINGTON—FINRA announced today that Transamerica Financial Advisors, Inc. (TFA) has agreed to pay approximately $4.4 million in restitution to approximately 2,400 customers for failing to supervise its registered representatives’ recommendations of three different products – variable annuities, mutual funds, and 529 plans. FINRA also fined TFA $4.4 million.

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