FTB Advisors – Investor Alert – UPDATED
Update 11/2/16: FINRA fined eight firms, including FTB, a total of $6.2 million and ordered five of them to pay another $6.3 million in restitution for failing to supervise the sales of variable annuities. FTB was also found to have other compliance failures in its oversight and supervision of advisers. The variable annuities under scrutiny were L-share annuities that are considered “potentially incompatible, complex and expensive long-term minimum-income and withdrawal riders.” According to FINRA, L-share annuities could “pay greater compensation to the firms and registered representatives than more traditional share classes.
Galvin Legal is launching an investigation on behalf of investors who may have suffered losses investing with FTB Advisors. If you suffered losses investing with FTB Advisors, then Galvin Legal may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
FTB Advisors (CRD# 17117) (SEC# 8-35061)
As of November 2, 2016, FTB Advisors’s FINRA BrokerCheck Report contains the following:
3 Regulatory Event Disclosures
0 Civil Event Disclosures
2 Arbitration Disclosures
0 Bond Disclosures
Main Office Location
165 MADISON AVENUE
14TH FLOOR
MEMPHIS, TN 38103
Mailing Address
165 MADISON AVENUE
14TH FLOOR
MEMPHIS, TN 38103
Business Telephone Number
901-818-6000
Direct Owners and Executive Officers
FIRST TENNESSEE BANK NATIONAL ASSOCIATION (FTB) – SOLE SHAREHOLDER
AUR, RHOMES C (CRD# 4600004) – CEO
CLAYTON, OTTIS MIMS (CRD# 3162472) – FINOP, CFO
KRUSE, KAREN MORTON (CRD# 2862059) – PRESIDENT, ADVISORY SERVICES
LAURAIN, GERALD WILLIAM (CRD# 843872) – CHIEF INVESTMENT OFFICER
MANN, PAUL HOWARD (CRD# 722488) – CHIEF COMPLIANCE OFFICER & PRESIDENT, BROKERAGE SERVICES
POPWELL, DAVID T. (CRD# 4348329) – DIRECTOR
FINRA requires brokerage firms to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. Brokerage firms that fail to conduct adequate due diligence or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses investing with FTB Advisors and would like a free consultation with a securities attorney, then please call Galvin Legal at 1-800-405-5117.
Galvin Legal is a national securities arbitration, mediation, fraud, and investor protection law practice. For more information on Galvin Legal, please visit www.galvinlegal.com or call 1-800-405-5117.