According to FINRA, Thomas A. Vigil of Saunderstown, Rhode Island was assessed a deferred fine of $10,000, suspended from association with any FINRA member in all capacities for 12 months, and ordered to pay deferred restitution of $25,436 plus interest for unsuitable variable annuity recommendations and related misconduct.

Vigil recommended that customers exchange their existing variable annuities for L-share annuities paired with Guaranteed Minimum Withdrawal Benefit riders without conducting any suitability assessment or comparative analysis. In each case, he incorrectly stated that the replacement annuity had lower fees when it actually had fees 50 basis points higher than what customers already owned.

Vigil also recommended investment-only variable annuity purchases using qualified funds from customers' IRAs without a reasonable basis to believe customers would benefit from the features these annuities charged extra for. He failed to accurately assess the costs and failed to consider whether customers, based on their ages, would face tax penalties for early withdrawals.

The violations extended to negligent misrepresentations on customer-facing disclosure forms. Vigil stated he was recommending B-share annuities when applications were actually for more expensive L-share annuities, and he misrepresented fee information to make transactions appear more favorable.

Additionally, Vigil forged a customer's signatures by photocopying them from her first annuity application onto her second application. While the customer approved the purchase, she did not consent to the signature forgery.

The suspension is in effect from May 5, 2025, through May 4, 2026.

Variable annuity exchanges and purchases require careful analysis. Investors should always understand the fees they'll pay and how they compare to their current investments.