Defendant Name: World Group Securities, Inc.

Defendant Type: Subsidiary of Public Company
Public Company Parent: Aegon N.V.
SIC Code: 6311
CUSIP: 00792410

Initial Case Details

Legal Case Name In the Matter of World Group Securities, Inc.
First Document Date 22-Nov-2010
Initial Filing Format Administrative Action
File Number 3-14132
Allegation Type Broker Dealer

Violations Alleged

Failure to supervise certain registered representatives within the meaning of Section 15(b)(4)(E) of the Exchange Act


First Resolution Date 22-Nov-2010
Headline Total Penalty and Disgorgement

See Related Documents

Related Documents:

34-63354 22-Nov-2010 Administrative Proceeding
Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions
On November 22, 2010, the SEC instituted administrative proceedings against World Group Securities, Inc. According to the SEC: "These proceedings arise out of Respondent's failure to enforce a reasonable system of supervisory policies and procedures to prevent and detect fraudulent conduct by certain registered representatives and to maintain a guideline ratio of registered representatives to supervisors in its Pomona, California branch office from the beginning of 2006 through May 2007 (the 'Time Period'). During the Time Period, Respondent failed to require its Pomona branch office to maintain enough supervisors to adequately supervise the branch. While Respondent undertook efforts to add supervisors to, and remove registered representatives from, that office, it failed to do so in a reasonable period of time. During the Time Period, certain registered representatives in the Pomona branch office made unsuitable investment recommendations to customers."

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