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Prudential Annuities Distributors Fined for Missing Red Flags Pointing to Theft
Prudential Annuities Distributors has been fined $950,000 after missing numerous “red flags” that pointed to an LPL advisors’ theft of a client’s assets. The theft involved forging 114 wire requests. So reports Financial Planning.
FINRA says Travis Wetzel, who is now a convicted felon, was able to paste and clip a client’s signature onto withdrawal requests and then send the money to a third-party account that he controlled because Prudential lacked appropriate safeguards.
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