FOR IMMEDIATE RELEASE
Apr 19 2011
Contact: Laura Egerdal, (573) 526-0949
Carnahan Secures $380,000 for Missouri Seniors
A.G. Edwards Settlement Returns Savings to Variable Annuity Investors
In the consent order issued this week, A.G. Edwards agreed to pay $381,993 to 31 Missouri investors across the state. The settlement ends a lengthy Missouri Securities Division investigation triggered by a complaint by an 81-year old Southwest Missouri investor after the liquidation of a variable annuity.
“I’m pleased that A.G. Edwards was willing to work with my office,” Carnahan said. “Missouri investors deserve to know their savings are being handled properly; regardless of if they use a global firm or a local broker. If you are concerned that your investments are at risk, call my office. We can help.”
According to the order, A.G. Edwards’ agents sold variable annuities to elderly customers across Missouri but could not produce records proving that they had ensured that these annuities were sold in compliance with the firm’s procedures. Carnahan’s Securities Division reviewed all variable annuity purchases, exchanges, and sales made by A. G. Edwards’ agents from July 1, 2006 through June 30, 2007.
In addition to the restitution, A.G. Edwards is required to pay $375,000 to the Missouri Investor Education and Protection Fund, including $50,000 for the costs of the Securities Division’s investigation.
For more information regarding investments and fraud protection, or for information regarding a company or representative, visit the Secretary of State’s online Investor Protection Center at www.MissouriSafeSavings.com or call the toll free Investor Protection Hotline at 1-800-721-7996.
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Visit www.sos.mo.gov to learn more about the Missouri Secretary of State’s Office.