The securities attorneys at Gana Weinstein LLP are currently investigating previously registered broker Richard Minichino (Minichino). According to BrokerCheck Records, Minichino has been subject to a pending customer dispute concerning roll-over annuities. In addition, Minichino has been subject to 4 tax liens and termination from employment at Next Financial Group, Inc. (Next Financial).
In April 2018, a customer alleged that Minichino unsuitably recommended the customer to roll over IRA annuities into other investments multiple times. The customer is requested $70,000 in damages. This dispute is currently still pending.
In February 2018, Minichino was terminated from Net Financial for trading customer’s accounts in an unsuitable manner that did not match with the investor’s needs or objectives.
Furthermore, Minichino has been subject to four tax liens within the past two years. In November 2017, Minichino was subject to a tax lien of $44,390.10. In August 2017, Minichino was subject to a tax lien of $7,469. In May 2017, Minichino was subject to a tax lien of 6,402. In February 2017, Minichino was subject to $28,430.92. The fact that a broker cannot manage his own personal finances is material information for a client to consider. In addition, an advisor with poor personal finances may be incentivized to sell unsuitable or high commission products that may be recommended to generate high profits for the advisor at the expense of the client. Continue Reading