A broker who ran a thriving business secretly selling annuities while employed at U.S. Bank was suspended for four months and fined $7,500 for his undisclosed business venture, according to his recent settlement with FINRA.

Charles Cumber allegedly sold $2.63 million in equity-indexed annuities to 20 individuals, 13 of them customers of U.S. Bancorp Investments, the retail brokerage arm of U.S. Bank. He earned $125,000 in commissions from the associated insurance company, along with $27,000 in trailing compensation, FINRA claimed.

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