Anthony Diaz– Failure to Make an Individualized Assessment of the Advantages and Disadvantages of Recommended Exchanges
Anthony Diaz Allegedly Induced Approximately 80 Customers to Enter into Variable Annuity Exchanges Without a Reasonable Basis for Said Recommendations
Scotrun financial planner Anthony Diaz, from March 2010 through May 2011, allegedly induced approximately eighty customers to enter into variable annuity exchanges, often subject to significant surrender charges, according to a recent Complaint from the FINRA Department of Enforcement.
The Complaint goes on to further allege that Diaz, 47, also did not provide a reasonable basis for recommending those exchanges. Furthermore, according to the Complaint, each customer invested in the same fund, with the same subaccount allocation and the same rider selected.
Anthony Diaz’s Recommended Exchanges Allegedly Totaled Nearly $6.2 Million, Generating More than $317,000 in Commissions; Diaz Barred by FINRA
Each of the aforementioned eighty customers allegedly invested in the same fund, and said exchanges totaled nearly $6.2 million, and generated more than $317,000 in commissions to Diaz in about a year, according to a Complaint from the FINRA Department of Enforcement.
In addition, FINRA further alleges, Diaz also falsified or caused the falsification of the reported net worth of customers in order to make it appear that they satisfied the minimum net worth requirements for certain ”alternative investments”.
FINRA’s Complaint also alleges that Diaz misled employing firms and the issuers of the products into allowing these customers to purchase investments for which they were ineligible. As a result of the aforementioned behavior, Diaz violated FINRA and NASD Rules, and FINRA has ordered that Diaz be barred from association with any FINRA member firm in any capacity.
Anthony Diaz never admitted nor denied the FINRA allegations.
The Peiffer Wolf Carr & Kane Securities Lawyers Help Investors
The Peiffer Wolf Carr & Kane securities lawyers often represent investors who lose money as a result of unreasonable investment recommendations. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of unreasonable investment recommendations may contact the securities lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.