Allegany County chicken farmers awarded $3.2M in largest Upstate securities fraud settlement

Published by Olean Times Herald

By JULIE McMAHON Syracuse Media Group (TNS)

May 2, 2019 @ 12:28 pm

An Allegany County egg-farming family was awarded $3.2 million in what lawyers believe is the largest settlement of a financial securities fraud case in Upstate New York history.

AXA financial advisor Francesco Puccio sold the family an expensive and unnecessary variable annuity and life insurance plan, a lawyer for the family said. The family lost their life savings without understanding what they had been asked to invest in, the lawyer said.

Puccio, who has been removed as a broker, was previously convicted of stealing from another elderly client.

The elderly couple who operated the Fitzpatrick Poultry Farm in Whitesville was awarded the settlement by the government-authorized non-profit organization FINRA, or Financial Industry Regulatory Authority. The settlement was announced by the family’s attorney Jason Kane of Peiffer Wolf Carr & Kane at a press conference today.

FINRA ordered AXA to pay the family for its losses after an arbitration process that began in 2016. During the process, AXA denied the allegations of negligence and breach of fiduciary duty.

FREE Consultation |  585-310-5140

Peiffer Wolf Carr & Kane has helped thousands of investors who have suffered substantial losses. If you have Variable Annuities or Life Insurance Products in your investment portfolio, Contact Us by calling 585-310-5140 or by filling out an online Contact Form for a FREE Consultation.

Peiffer Wolf (1316 Posts)

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.