Ohio National broker pitched VA trades as ‘infinite banking’: Finra
The B-D s $1.3 million settlement with the regulator involves its failure to supervise adequately a complex series of transactions involving variable annuities and whole life insurance policies.
May 3, 2021 2 MINS
A top-selling broker at a broker-dealer owned by Ohio National Financial Services for years recommended an unsuitable investment strategy to clients involving variable annuities and whole life insurance policies that he characterized as “building your own bank” or “infinite banking,” according to the Financial Industry Regulatory Authority Inc.
On Friday, Finra penalized that broker-dealer, the O.N. Equity Sales Co., $1.3 million for failing to supervise the broker, who is not named in the Finra settlement. The penalty has two parts: The firm agreed to pay a fine of $275,000 and restitution to clients of $1 million, according to the settlement, which it agreed to wit
Ohio National fends off VA trail commission suit, others remain
The insurer recently won a long-running case brought by several brokers, though it is fighting several other suits from broker-dealers.
April 26, 2021
Meanwhile, the insurer is fighting several other cases brought by broker-dealers.
Last month, a U.S. appeals court shot down a long-running case, upholding an earlier district-court decision to dismiss the claims. That suit, filed by brokers at LPL Financial, Next Financial Group, Securities America and ProEquities, alleged that Ohio National breached its contracts by ending the selling agreements. The brokers had argued that they were third-party beneficiaries of the agreements under Ohio state law, although the courts disagreed.
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Ohio National closes 2020 with increased capital; total adjusted capital climbs to record $1.2 .
Ohio National Financial ServicesFebruary 8, 2021 GMT
CINCINNATI, Feb. 08, 2021 (GLOBE NEWSWIRE) Ohio National Financial Services, Inc. today announced a 5.9% increase in statutory total adjusted capital and an 8.4% increase in GAAP equity (including accumulated other comprehensive income, or AOCI) reaching $1.2 billion and $2.8 billion, respectively, while assets under management grew by 1.8%, on an enterprise basis.
During this unprecedented and challenging year, marked by a global pandemic, economic downturn, market volatility and continued low interest rates, Ohio National continued to serve policyholders by paying more than $1.4 billion in benefits1 and continuing to pay dividends to eligible policyholders for the 97th consecutive year2.
Ohio National Financial Services, Inc. today announced a 5.9% increase in statutory total adjusted capital and an 8.4% increase in GAAP equity (including