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Securities Association Fines Company That Sells Variable Annuities.
By Paul Wenske, The Kansas City Star, Mo. Knight Ridder/Tribune Business News
May 28--The National Association of Securities Dealers said Tuesday that it had censured a Florida securities company as part of its efforts to stem abuses in the sales of variable annuities.
The association announced that it fined InterSecurities Inc. of St. Petersburg, Fla., $125,000 for employing inadequate procedures and systems governing its sales of variable annuities.
Officials said the company, whose agents sold millions of dollars worth of variable annuities in Missouri, agreed to pay the fine as part of a settlement in which the company did not admit any wrongdoing.
Spokespersons for the company, which has more than 2,900 representatives, were unavailable for comment Tuesday afternoon.
The association also filed …
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