Anthony Diaz– Failure to Make an Individualized Assessment of the Advantages and Disadvantages of Recommended Exchanges

New Orleans investment fraud attorneyAnthony 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 Rosca Wolf Securities Lawyers Help Investors

The Peiffer Rosca Wolf 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 Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1234 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


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.