Defendant Name: Transamerica Financial Advisors, Inc.

Defendant Type: Subsidiary of Public Company

Document Reference: 2014-64

Document Details

Legal Case Name In the Matter of Transamerica Financial Advisors, Inc.
Document Name SEC Charges Transamerica Financial Advisors With Improperly Calculating Advisory Fees and Overcharging Clients
Document Date 03-Apr-2014
Document Format Administrative Proceeding
File Number 3-15822
Allegation Type Investment Advisers/Investment Companies
Document Summary On April 3, 2014, the SEC announced "charges against a St. Petersburg, Fla.-based financial services firm for improperly calculating advisory fees and overcharging clients." According to the SEC: "As a result of the SEC investigation, the firm reviewed client records and has reimbursed 2,304 current and former client accounts with refunds and credits totaling $553,624 including interest."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant

Related Documents:

34-71850 03-Apr-2014 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934, and Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On April 3, 2014, the SEC instituted settled administrative and cease-and-desist proceedings against Transamerica Financial Advisors, Inc. ("TFA"). According to the SEC: "TFA, a registered investment adviser and broker-dealer, failed to apply advisory fee discounts to certain retail clients in several of its advisory fee programs contrary to its disclosures to clients and its policies and procedures."