by GarySpicuzza » Wed Jul 14, 2010 05:03 pm
http://www.nafa.com/tmp/20100712-SEC151A_VACATE01.pdf
We therefore order that Rule 151A be vacated.
The Clerk is directed to amend the judgment filed July 21, 2009, accordingly.
The Clerk is further directed to issue the mandate 7 days after the issuance of this order.
Per Curiam
We therefore order that Rule 151A be vacated.
The Clerk is directed to amend the judgment filed July 21, 2009, accordingly.
The Clerk is further directed to issue the mandate 7 days after the issuance of this order.
Per Curiam
Posted: Sun Aug 08, 2010 04:09 am Post Subject:
Fixed Indexed Annuity owners have lost EXACTLY "$0.00" by protecting their savings in these products.
That is Gary's exact quote. You can't get around the fact that this is an inaccurate statement.
As for me saying that you are not currently with a broker/dealer it isn't just about my specific knowledge of securities' law. Instead, it is about my knowledge of broker/dealers. I don't know of any B/D's that would allow their reps to post on a public board of this nature and use their real information and not require approval of what gets written.
The issue isn't just that it would be considered advertisment, but that since it is advertisement, your B/D would require approval.
If I'm wrong and you are with a B/D, I'll admit my mistake and apologize, but I'd be willing to bet money that you are not.
Posted: Sun Aug 08, 2010 01:02 pm Post Subject:
Nothing I've posted here constitutes "advertising" and does not require approval of a B/D.
That is Gary's exact quote. You can't get around the fact that this is an inaccurate statement.
Apparently you attitude is intractable. So there's no point arguing over a split hair. Address my comments about "losing" money above or stop misshaping the discussion as you are.
Posted: Sun Aug 08, 2010 01:59 pm Post Subject:
In what world does a registered rep talking about securities in a public chat room using their real name and contact information not constitute advertising?
Do you possibly think that "Send me your questions, and I'll send you my answers. I live, breath, and teach insurance!", would not be considered an advertisement to the extent that variable (registered) insurance products are included?
It only doesn't require approval of a B/D because you don't have a B/D because you are not a registered rep. If you were a registered rep, your posts would be considered advertising.
Max, just tell us that you aren't a registered rep. If you were one, you wouldn't be posting in the manner that you do and you would know that I can't use my name even though I want to do so.
What comments would you like me to address? I like FIAs when they are used appropriately. I'm not comparing them to anything. My point, and I can't believe that you are attempting to argue this, is simply that one should not be saying that nobody has ever lost money in these products. Like you say, we should be disclosing the good and the bad of what we sell. Part of this is surrender charges. We must disclose that although the contract value is guaranteed to increase, surrender charges can still cause one to have a loss if money is needed before XX years.
Posted: Tue Aug 10, 2010 03:58 am Post Subject:
Max he's got you here. In fact, FINRA is running CE as we speak talking very specifically on this topic. Now, there are B/D's (or perhaps more appropriately put, compliance departments) that would only react to such a situation if it escalated, and there are others that would be on this almost immediately trying to shut the registered rep down.
Also Max, FINRA doesn't look all that favorably on what they deem blanket advice, and lots of times we all give that out here. Perhaps it should be requested that a disclosure be added to the home page that speaks to this issue.
As far as figuring out if Max is registered, it wouldn't be all that hard to accomplish. I'm not going to list the step by step process. If fkaksrku truly understands this industry as he/she has depicted, then it should be extremely obvious to him/her.
Posted: Tue Aug 10, 2010 10:38 am Post Subject:
Yes, I know Max isn't registered. The only registered person who would use their real name would be a complete idiot and that certainly doesn't describe Max. (not being sarcastic)
I'm just surprised that with Max's knowledge he is suggesting that I post in a non-anonymous fashion. He has to know that there is no way that I can do this on a public board.
I just don't know if he's having a temporary brain fart or it's been a long time since he's done anything as a registered rep and simply doesn't know.
Posted: Tue Aug 10, 2010 04:07 pm Post Subject:
My registrations (S6/63/26) are currently under a U-5.
Posted: Wed Aug 11, 2010 01:55 am Post Subject:
Actually Max, even being U5 (currently not being registered with any B/D) can still land you in hot water with FINRA if you are not careful about the way in which you present information to the general public.
Posted: Tue Aug 17, 2010 08:54 pm Post Subject:
It's interesting to see how a thread takes on a life of its own.
For any of you that are using an internet message board thinking you are going to advertize and drive business your way....all I can say is don't give up your day job.
I post under my real name with actual contact information for the sole purpose of IF and WHEN I have to call someone out on a thread war I want them to "KNOW" it was ME calling them out.
I own my words and I don't hide behind internet anonymity.
Posted: Wed Aug 18, 2010 03:41 am Post Subject:
You mean prospecting on an internet forum doesn't work? Well I guess it's back to square one... :roll:
Posted: Wed Aug 18, 2010 11:21 am Post Subject:
I find it interesting that when Gary calls somebody out, it always seems to be Gary that is the one who is wrong but he isn't smart enough to realize it.
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