Securities Service Network
Securities Service Network Ordered to Pay Customer $347,000
An NASD arbitration panel ordered Securities Service Network to pay an investor $347,000 to compensate him for damages that he suffered as a result of Securities Service’s misconduct. Claimant asserted the following causes of action: breach of fiduciary duty; negligence;
unsuitability; misrepresentation; fraudulent inducement; violation of NASD Conduct Rules 2120,
2210(d), 2210-2, 2310 and 2310-2; violation of Section 517.301(1) of the Florida Securities and
Investor Protection Act; and, violation of SEC Rules 16and34(b)-l. The causes of action relate
to the purchase and sale of the AIM Lifetime Plus II Variable Annuity, the Alliance Ovation
Variable Annuity and the MFS Regatta Platinum Fixed/Variable Annuity in Claimant’s account.