The Financial Insurance Regulatory Agency ordered Virginia Beach, VA member David Allen to pay $20,000 for promoting the sale of reverse mortgages and soliciting various types of investments from senior citizens said FINRA records.
According to the agency, Allen’s firm prohibits engaging in any reverse mortgage business, including the promotion and sale of reverse mortgages.
FINRA found that Abbott used communications in the seminars without a
registered firm principal’s prior written and dated approval and failed to file slides used in his presentation with FINRA’s Advertising Regulation Department. FINRA also found that Abbott’s seminar invitation failed to disclose the broker-dealer’s name.
Based on its findings, FINRA barred David Allen Abbott from associating with any FINRA members for 60 days, ending Oct. 1, according to FINRA records.