Minnesota rep barred for no-show over VA trades ​

Finra was investigating Brett Ashy for unauthorized transaction

Feb 8, 2018 @ 11:32 am

By InvestmentNews

The Financial Industry Regulatory Authority Inc. has barred former Minnesota broker Brett Ashy for failing to take part in an investigation looking into his sales of variable annuities.

Mr. Ashy was terminated as a broker in February 2016 by MWA Financial Services. In July 2016, he was fined $5,000 and suspended for 30 business days by Finra for having completed, signed and dated VA applications that had been partially completed by clients, and then submitted the applications for processing.

Last month, Mr. Ashy refused to appear for on-the-record testimony about unauthorized trades.

In December 2015, the State of Minnesota Department of Commerce revoked Mr. Ashy's insurance producer license and securities registration and fined him $1,000 for failing to appear in response to an order to show cause concerning his resignation from a broker-dealer.


What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video


What's the first thing advisers should do when they get home from a conference?

After attending a financial services conference, advisers can be overwhelmed by options, choices and tools. What's the first thing they should do when they get back to their office?

Latest news & opinion

Is Fidelity competing with retirement plan advisers?

As the Boston-based mutual fund giant expands the products and services it brings to the retirement market, some financial advisers say the firm is encroaching on their turf.

Gun violence hits investment strategies, sparks political debates with advisers

Screening out weapons companies has limited downside.

Whistleblower said to collect $30 million in JPMorgan case

The bank did not properly disclose that it was steering asset-management customers into investments that would be profitable for JPMorgan Chase.

Social Security underpaid 82% of dually entitled widows and widowers

Agency failed to tell survivors that they could switch to a higher retirement benefit later.

If Finra eases firm oversight of outside business activities, broker-dealers could lose revenue

Brokerage firms would no longer be able to charge reps for supervising nonaffiliated RIAs.


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print