Articles Tagged with annuity fraud attorney

shutterstock_181783781-200x300According to BrokerCheck records financial advisor Xavier Patino (Patino), currently employed by Newbridge Securities Corporation (Newbridge Securities) and formerly with J.P. Morgan Securities LLC (JP Morgan) has been subject to one regulatory action, one one employment termination for cause, and two customer disputes during his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), the regulatory action against Patino concerns allegations over variable annuity sales practices.

In June 2018 Patino consented to sanctions and to the entry of findings that Patino made material misstatements to a customer and guaranteed the customer against loss in connection with a variable annuity purchase. FINRA also found that Patino solicited this customer to purchase a $192,000 variable annuity contract with the variable annuity prospectus describing the features and risks of the product. However, FINRA found that prior to finalizing the sale the client presented Patino with a document she had prepared and asked Patino to sign it explicitly signifying that he agreed with the statements.  FINRA found that thereafter, the customer’s variable annuity lost value, she complained to Patino’s member firm about her losses, and presented the guarantees signed by Patino.

In April 2017, JP Morgan discharged Patino claiming that he admitted to signing an unapproved document that guaranteed the customer would not lose principal on an investment in violation of firm policy.

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shutterstock_182054030-300x200According to BrokerCheck records financial advisor Ronald Walker (Walker), currently employed by NYLife Securities LLC (NYLife) has been subject to five customer complaints during his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), many of the customer complaints against Walker concern allegations over variable annuity sales practices.

In June 2018 a client complained that Walker violated the securities laws because a client claimed she was not aware that she would be subject to a new surrender period when she agreed to move funds from one variable annuity to another in February 2017.  The customer also alleged that being invested in 100% high yield bond funds does not match her risk tolerance.  The customer alleged $13,000 in damages.  The claim is currently pending.

In November 2017 a client complained that Walker violated the securities laws because a client claimed that the firm approved modifications to two variable annuity contracts.  The firm denied the claim.

In October 2017 a client complained that Walker violated the securities laws alleging that he recommended a rider to his variable annuity contract purchased in September 2005 that was unnecessary and expensive.  Customer alleges that he did not need the rider because he does not intend to withdraw from the variable annuity.  The claim settled for $11,020.58.

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