Growth

Rich and Co.

BrightScope Principals Show Securities Law Violation in 2008 As Brokers

with one comment

The Brightscope owners Mike Alfred and his brother Ryan, were fined for an inappropriate sale of a variable annuity when brokers.  They were employed by AXA Advisors then.  It appears, quoting the report, that variable annuities sold by the Alfred brothers were deemed: “…unsuitable, irresponsible, not reasonably needed and lacking a strategy for risk management.”  The fine was $135,000.00.

Please see the FINRA public information reports linked to below:

It is very concerning that two people who so aggressively preach disclosure and transparency in all other, while questioning other integrity,  fail the same test themselves.  But predictable.

Is it appropriate for licensed professionals with this background to be on national media making any sorts of claims and pronouncements about the industry and markets — let alone other advisors or plan sponsors or plans?  We think not.

It seems odd that an industry journalist or editor would not have checked on this background before this and brought it to the attention of the professional community.  Why have they not been subject to the same scrutiny they loudly demand for others?

The industry and community should hold these two men accountable for their actions.

Advertisements

Written by Rich and Co.

May 6, 2011 at 9:07 pm

Posted in Uncategorized

One Response

Subscribe to comments with RSS.

  1. Turns out they do operate an RIA. Doesn’t change anything of my prior comments though.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: