The SEC alleged that Cutter had garnered more than $9.3 million in commissions by steering clients toward annuities without disclosing his financial incentive to favor those products over viable alternatives. The commission further alleged that Cutter churned those positions to enhance his commissions and received more than $1 million in undisclosed payments from marketing companies for promoting certain annuities.
Cutter, of course, insists he did nothing wrong and “nobody lost money.” OK, I’m a believer.