According to the Financial Industry Regulatory Authority (FINRA), Larson Financial Securities broker Anthony Ferrara has been subject to four customer complaints. He allegedly made unsuitable recommendations and material omissions in the sale of a variable universal life (VUL) policy that was purchased in 2013. The complaint is currently pending. Another complaint alleged that he recommended an unsuitable product, misrepresented a product, breached fiduciary duty, had deceptive business practices, participated in general fraud and negligence. A broker must fully understand the risks of complex products like VULs and must pass this information along to the client. He must also make sure that the VUL and all other products are suitable for the client by taking into account his or her net worth, investment objectives, age and investment sophistication. If he does not, his brokerage firm may be held liable for losses on a contingency fee basis in the FINRA arbitration forum.
Anthony Joseph Ferrara was previously registered with Northwestern Mutual Investment Services in Milwaukee, Wisconsin from January 2002 until March 2002, Pruco Securities in Newark, New Jersey from March 2002 until March 2010 and Financial Network Investment Corp in Minneapolis, Minnesota from March 2010 until August 2010. He is currently registered with Larson Financial Securities in Minnetonka, Minnesota, and has been since July 2010. He has four customer disputes against him, two of which are currently pending. This is according to his BrokerCheck online, public report with FINRA.
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