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Fifth Third Reaches $6M Annuities Settlement
Fifth Third Securities has agreed to pay a $4 million fine and $2 million in restitution to settle FINRA charges. So reports BIC.
The firm was accused of failing to describe to clients the costs and benefits of exchanging annuities. It also failed to determine if the exchanges were appropriate. In 2009, the firm was fined for deficiencies related to its variable annuity business.
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