Defendant Name:
World Group Securities, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Aegon N.V.
SIC Code:
6311
CUSIP:
00792410
Document Reference:
34-63354
Document Details
Legal Case Name
In the Matter of World Group Securities, Inc.
Document Name
Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions
Document Date
22-Nov-2010
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Censured
Other Compliance Related Undertaking
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$200,000.00
Shared:
