According to a recent Disciplinary Proceeding with the Financial Industry Regulatory Authority (FINRA), Dion R. Padilla effected an unauthorized purchase of a variable annuity for a firm customer and concealed this information from the customer for over nine months through repeated misrepresentations that he had not invested the customer’s funds into a variable annuity. According to the Disciplinary Proceeding, Padilla was told by a customer couple that they did not want any of their funds invested in a variable annuity due to the high fees associated with them, and because they desired liquidity in their portfolio. Padilla then proceeded to put a significant amount of money into a variable annuity investment, and subsequently told the couple that the investment was not. This was false. The net commission Padilla earned for this transaction was approximately $42,000. Once the customer realized the investment was a variable annuity, he was told by Padilla that he would be charged a surrender fee of $62,000 to exit the product.
According to his FINRA BrokerCheck online report, Padilla was registered with Merrill Lynch in New York, New York from August 2001 until March 2002, Valic Financial in Houston, Texas from August 2002 until March 2003, UBS Financial in Weehawken, New Jersey from December 2002 until August 2003 and Securities America in Lavista, Nebraska from October 2003 until March 2008. 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. Please call us today if you would like to file an arbitration claim against Padilla’s firm, NEXT Financial Group in the FINRA arbitration forum. We may be able to help you recover your financial losses.
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