Illinois FIA order appealed-Advantage Compendium's Jack Marrion
Thursday, June 9, 2011 at 03:41PM 
Jack Marrion, president of Advantage Compendium in St. Louis discusses the recent “re-classification” if FIA’s as securities in Illinois. Now the dispute is heading to court. An attorney for two Illinois advisors said he filed in Illinois circuit court today for a stay of an administrative order that suggests the indexed annuities the advisors sold are securities.
The Illinois secretary of state issued the order on May 24. It includes an indirect “proclamation” calling indexed annuities securities, according to Thomas W. Kelty, the advisors’ attorney. Kelty also filed an appeal in circuit court on June 1.
Marrion tells ANN’s Scott Drake that state regulators went on a “fishing trip” while investigating an unrelated complaint. Marrion says the lesson here is “to know what is advisor activity and what is not” and to “understand your product so you can keep customers happy.”
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