The Logan Group Securities has agreed to pay a fine of $70,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).

From June 30, 2020, through the present, The Logan Group willfully violated Rule 15l-1 under the Securities Exchange Act of 1934 (Regulation Best Interest or Reg BI) and violated FINRA Rules 3110 and 2010 by failing to establish, maintain and enforce written policies and procedures, and a supervisory system, reasonably designed to achieve compliance with the Compliance Obligation of Reg BI.

In addition, from March 2021 to the present, the firm failed to reasonably supervise recommendations to purchase and exchange deferred variable annuities. By engaging in this conduct, the firm violated FINRA Rules 3110, 2330, and 2010.

The Logan Group has agreed to a censure in addition to the fine of $70,000. The company is also required to certify that it has implemented a supervisory system reasonably designed to remediate the issues.

The Logan Group became a FINRA member in April 1996. The firm is a sole proprietorship with its office (and only branch location) in Roseville, California. The firm has two registered representatives and primarily sells mutual funds and deferred variable annuities to retail customers.