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.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

FinTech Forum

Advicent's Stich: What the advice revolution means for financial advisers

We are in the midst of an advice revolution, according to Advicent's Anthony Stich. What does this mean for traditional advisers and how can they remain a step ahead of the competition?

Latest news & opinion

The midterm elections: What's at stake for financial advisers

A shift in control of the House could change the course of important issues, including the SEC advice rule, tax reform and retirement policies.

What to tell your clients after they've won the lottery

The current combined Mega Millions and Powerball jackpots are more than $850 million. What should you tell your clients if they have a winning ticket?

2019 Medicare premiums announced

Slight increase in Part B premium to $135.50 per month is in line with expectations.

7 ways states got tough with unregistered individuals and firms in 2017

Rise in digital currency frauds helped trigger a crackdown by state regulators.

Market slide awakens nervous investors, puts advisers back to work

Some reach out to clients who need hand-holding, while others see decline as opportunity to drum up new business.

X

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.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print