Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Marc Fragola (Fragola), currently associated with Kestra Investment Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Fragola 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 $46,000.00 on June 10, 2022.
Fragola recommended a variable annuity with a 7% roll-up rate to the clients based on information he received from a representative of the insurance company. Although, he conducted due diligence with the insurance company annually for 10 years to confirm the terms of the annuity he was unaware that the 7% compounding would only last for 10 years.