Broker to repay annuity clients Advertiser Staff and News Services
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Securities broker Waddell & Reed agreed to pay a penalty of $21,744 to the state and restitution of $9,525 to clients for promoting variable annuity exchanges not suitable for its customers, state officials said yesterday.
Commissioner of Securities Corinna Wong and Commissioner of Insurance J.P. Schmidt issued a consent order against Waddell & Reed, registered as a securities broker-dealer in Hawai'i.
According to the investigation, Waddell & Reed encouraged its sales staff to ask clients to exchange variable annuity contracts through nonresident insurance pro-viders associated with Waddell & Reed. Ten investors paid a total of $9,524 in surrender fees to make the exchanges.
PARADE THEME: 'HOUSE SMART'
The Building Industry Association of Hawaii will present the 49th annual Parade of Homes the weekends of Oct. 1-2 and Oct. 8-9. "Get House Smart" is the theme of this year's event, which highlights the latest trends, technology and design innovations in residential construction. The Parade of Homes features 12 homes on O'ahu, Maui and the Big Island, ranging in price from $299,001 to $999,000.
AMOS GIVING AWAY COOKIES
Wally Amos will celebrate the grand opening of his new store Chip & Cookie from 1 to 3 p.m. Sunday at 609 Kailua Road next to Longs Drug Store.
Included in the celebration is a giveaway of 10,000 cookies. The store will officially open for business Wednesday following a blessing at 10 a.m.
The company will contribute 10 percent of its net profits to the Chip & Cookie Read Aloud Foundation.
COMPLAINTS COST AOL $1.25M
America Online Inc., the world's largest Internet service provider, will pay $1.25 million in penalties and costs and reform some of its customer service practices to settle an investigation by New York Attorney General Eliot Spitzer's office.
Around 300 consumers had filed complaints with Spitzer's office accusing AOL, a wholly owned subsidiary of Time Warner Inc., of ignoring demands to cancel service and stop billing.
