From November 2022 through November 2025, IFP failed to reasonably supervise recommendations of Class A mutual funds and Unit Investment Trusts. The firm relied on an automated surveillance system to identify transactions for review. However, throughout the period, the firm’s automated surveillance system failed to generate alerts and the firm had no other system in place. Therefore, IFP violated Rule 15l-1 of the Securities Exchange Act of 1934 (Reg BI) and FINRA Rules 3110 and 2010 and is censured and fined $100,000.

From June 2019 to the present, Infinity failed to establish and maintain a supervisory system, including written supervisory procedures (WSPs), reasonably designed to surveil rates of deferred variable annuity exchanges. Additionally, between June 2019 and February 2020, Infinity failed to reasonably supervise a former registered representative’s unsuitable variable annuity exchange and purchase recommendations. As a result, Infinity violated FINRA Rules 3110, 2330, and 2010.