According to a Disciplinary Proceeding with the Financial Industry Regulatory Authority (FINRA), Brian Panfil, a former registered broker with Caldwell International Securities, allegedly engaged in a pattern of mutual fund switches. He did so by using his discretion to place mutual fund trades without obtaining specific customer approval beforehand. He allegedly exercised discretion and affected hundreds of short-term mutual fund transactions in Class A share mutual funds in the accounts of four customers. He solicited the majority of the trades and allegedly forged customer signatures on forms required to affect mutual-fund switches, failed to disclose the costs and fees associated with his short-term trading and withheld from his customers materials that would have identified those costs and fees. This caused four customers to make at least 24 switch transactions that were unsuitable because they resulted in these customers paying at least $27,924 in excessive sales charges and other fees. This is against securities rules and regulations.
Prior to being registered with Caldwell International, Panfil was a broker with American Century Investment Services, IDS Life Insurance Company, Ameriprise, Caldwell in Nassau from March 2006 until September 2013, Ridgeway & Conger, Institutional Securities Corp, Kingsbury Capital, and Paulson Investment Company in Chicago, Illinois from August 2015 until November 2015. He has one criminal final disposition against him. He is not currently registered as a broker, according to his online, public report with FINRA.
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