American Express Financial Advisors Fined
From Bloomberg News
The NASD fined American Express Financial Advisors Inc. $350,000 Wednesday for violating rules regarding the sale of variable annuities and variable life insurance products.
Some American Express representatives did not tell customers that variable annuities do not provide a tax advantage when purchased in plans that already qualify for tax deferral, such as individual retirement accounts, NASD said. As a result, recommendations made by some salespeople were unsuitable, NASD said.
An American Express spokesman was not available for comment.
