Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Frank Aguilar (Aguilar), previously associated with Ameriprise Financial Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Aguilar recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $437,500.00 on April 12, 2023.
Claimants allege that in 2017, the now deceased client’s advisor improperly referred her to an attorney for the possibility of selling annuities that she received from a personal injury litigation in 2011. As a result of the referral, [REDACTED] entered into a fee agreement with the attorney to sell her annuities with a 25% contingent fee. Claimants allege that this was not in the best interest of the client as the advisor hoped to benefit from liquidating the annuities because the fee agreement provided that the funds be sent directly to him. As a result of the annuity sale, [REDACTED]’s net proceeds were reduced by the $437,500 fee.