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According to the regulatory agency, the California-based broker/dealer failed 'to establish and maintain a reasonably designed supervisory system' on the sale of variable universal life insurance contracts and mutual funds during several years.
The deal represents a continuation of Stratos' acquisition strategy, which is to take nonvoting minority interests in RIAs and offer them the same infrastructure that's available to its affiliated advisors.
The state joins more than a dozen others that have finalized rules based off the model created and passed last year by the National Association of Insurance Commissioners.
According to the commission, Ramiro Jose Sugranes ran a scheme to siphon profitable trades into accounts held by close relatives, with unprofitable trades left to other clients, leading to more than $5 million in losses.
SEC says California-based Robert Joseph Armijo personally made over $1 million in commissions by selling unregistered 'distressed market' real estate funds in what regulators say was a Ponzi-like scam.
