Transamerica Financial Advisors Sanctioned after Allegedly Failing to Apply Offered Discounts

Transamerica Financial Advisors was censured and ordered to pay a $553,624 penalty by the Securities and Exchange Commission (“SEC”) in connection with claims Transamerica failed to apply advisory fee discounts to certain retail clients in several of its advisory fee programs.

Transamerica offered clients in several of its advisory fee programs breakpoint discounts that reduce the total advisory fee as the clients’ assets in the programs increase, according to the SEC. Transamerica represented to clients that they could request that Transamerica aggregate the values of certain related accounts to achieve these discounts and Transamerica’s policies and procedures required that clients receive the savings from breakpoint discounts, according to SEC.

However, Transamerica failed in certain instances, from January 2009 to June 30, 2019, to apply the breakpoint discounts despite the client requests for aggregation, according to the SEC. Transamerica also failed to adopt and implement adequate policies and procedures to ensure that its clients’ fees were calculated as represented.

Transamerica agreed to the sanctions levied by the SEC without denying or admitting the SEC’s findings.

The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1225 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


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