Published On: February 9, 2017

According to a recent Financial Industry Regulatory Authority (FINRA) Disciplinary Proceeding, Dion Padilla was accused of effecting an unauthorized purchase of a variable annuity for a firm customer and, in connection with the variable annuity purchase, misrepresented that the investment was not a variable annuity. This is against securities laws. According to the Proceeding, in January of 2012, Padilla sent an email to a customer stating that he would not invest in variable annuities for the customer. He then purchased a variable annuity for the customer. Variable annuities tend to be high-risk, illiquid investments that are not suitable for every customer. A broker must take into account many factors when recommending or selling a security. Factors such as age, net worth, investment objectives and risk tolerance must be considered. If they are not, the broker’s firm can be held liable for investment losses. Please call us today at 312-332-4200 to speak to an attorney about how you can sue NEXT Financial Group in the FINRA arbitration forum on a contingency fee basis to recover your losses.

Dion Padilla was registered with Merrill Lynch in New York, New York from August 2001 until March 2002, Valic Financial Advisors in Houston, Texas from August 2002 until March 2003, UBS in Weehawken, New Jersey from December 2002 until August 2003 and Securities America in Lavista, Nebraska from October 2003 until March 2006. He is currently registered with NEXT Financial Group in San Antonio, Texas and has been since February 2006. He has two customer disputes against him, one of which is currently pending.

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