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July 31, 2014

Posted  January 26, 2016

LA-based broker Michael A. Horowitz agreed to pay more than $850,000 to settle charges he participated in a variable annuities scheme designed to profit from the imminent deaths of the terminally ill.  As part of his scheme, he deceived his own brokerage firm to obtain the approvals he needed to sell the annuities and generate hefty sales commissions.  He also falsified various broker-dealer forms used by firms to conduct investment suitability reviews, causing some insurance companies to unwittingly issue variable annuities they may not have sold otherwise.  SEC

Tagged in: Misrepresentations, Regulatory Violations, Securities Fraud,