Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Daniel Lauletta (Lauletta), previously associated with IBN Financial Services, INC., has at least 3 disclosable events. These events include 2 customer complaints, one regulatory event, alleging that Lauletta recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on September 01, 2022.
Arkansas Securities Commissioner J. Campbell McLaurin entered consent order number S-20-0046-22-OR02 in the matter of Daniel J. Lauletta (CRD# 2659123) on September 1, 2022, based upon Lauletta’s activity as an investment adviser representative with two Arkansas clients. Lauletta breached his fiduciary duty to two Arkansas clients by advising them to liquidate securities invested for retirement to purchase unsuitable insurance products and annuities. Lauletta did not have reasonable grounds for believing the advice and recommendations at issue were suitable for the Arkansas clients. Lauletta also failed disclose certain risks and information to the Arkansas clients when effecting the above-referenced activity. Lauletta’s activity constituted fraudulent, deceptive, dishonest, or unethical practices of an investment adviser, in violation of the Arkansas Securities Act (‘Act’), Ark. Code. Ann. \\u00a7\\u00a7 23-42-307(a)(3), 23-42-308(a)(2)(B) and (G), and 23-42-507(2), and Rules of the Arkansas Securities Commissioner (‘Rules’) 308.02(a) and 308.02(aa). Without admitting or denying the findings of fact and conclusions of law, Lauletta consented to the following: 1) cease and desist from further violations of the Act and Rules; 2) revocation of his broker-dealer agent registration in Arkansas as of April 12, 2022, the last date on which Lauletta’s registration was effective in Arkansas; 3) not to reapply for registration with the Arkansas Securities Department (‘Department’) in any capacity for a minimum of five years on or after the entry of the consent order; and 4) payment of a fine to the Department in the amount of $10,000.00 immediately upon entry of the consent order.