SEC Wins Case Against Massachusetts Investment Advisor Over Annuities Commissions

The Securities and Exchange Commission (SEC) secured a legal victory against a registered investment advisor based in Massachusetts. The advisor had contested the SEC's allegations, arguing that his commissions from annuities sales were earned in the capacity of an insurance agent rather than as an investment advisor.

The SEC's successful case reinforces regulatory jurisdiction over annuity sales practices when conducted by registered investment advisors rather than strictly insurance agents.