Scotrun, Pennsylvania’s Anthony Diaz Allegedly Defrauded Dozens out of Millions
Anthony Diaz, a Scotrun, Pennsylvania, financial planner, bilked dozens of clients out of millions of dollars over the last few years, by buying unsuitable variable life insurance investments on the behalf of approximately 80 clients, and intentionally implementing deceptive financial information and dates, which included faking the net worth of clients in order to appear as if they satisfied the minimum wealth needs of a fund, FINRA’s Department of Enforcement alleges. In addition, FINRA further alleges, Diaz engaged in unauthorized trading, falsification of books and records. A majority of these embattled clients were near retirement age, and the funds had large exit fees, FINRA further reports. From March 2010 through April 2011, Diaz, FINRA alleges, cooked the books and made 71 false records to make unauthorized trades, and one investigator even asserted that Diaz forged a woman’s signature, and inflated her risk tolerance and tax bracket.
Diaz Made Multiple Manipulations, Allegedly, Including $107,000 of Unauthorized Purchases on Couple’s Behalf
In a seemingly endless laundry list of financial manipulation, Anthony Diaz, FINRA’s complaint also alleges, purchased a couple’s account, they declined his proposals for purchases, yet Diaz still completed $107,000 of unauthorized purchases on their behalf. In another case, according to the enforcement bureau, Diaz also made more than $2 million in commissions on the sale of illiquid investments his older clients. FINRA also reports that Diaz was involved in a drove of various alternative Investments, including, ICON Leasing Fund Eleven, LLC, ICON Leasing Fund Twelve, LLC, ICON Equipment and Corporate Infrastructure Fund Fourteen, LLC, the Grubb & Ellis Apartment REIT, and Inland American Real Estate Trust, Inc.
FINRA Alleges Diaz Lied Regarding Firm Firings, Recommends Diaz Pay Restitution
Diaz habitually misled his clients, FINRA alleges, that he had voluntarily left previous firms, both through statements and answers regarding the circumstances, and, finally, FINRA’S Department of Enforcement recommended that Diaz make complete restitution to all his victims and return any “ill-gotten” gains. According to regulatory records, since first entering the securities industry in 2000, Anthony Diaz has worked for 11 brokerage firms.
Investment Fraud Lawyers Investigating
The Peiffer Rosca Wolf securities attorneys often represent investors who lose money as a result of investment fraud, or stockbroker misconduct. 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 investment fraud or misconduct 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.
Broker: Anthony Diaz
Status: INVESTIGATED by Peiffer Rosca.
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