According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), David Panetta was accused of engaging in unapproved outside business activities by selling unapproved insurance products without prior notice to his firm, Allstate. This is against securities rules and firm rules. A broker must not sell securities that are outside the scope of his firm. If he does, he may be subject to suspension and/or fines. Mr. Panetta was fined $7,500 and suspended from the industry for two months.
Panetta was registered with Metropolitan Life Insurance Company in New York, New York from June 1989 until April 2001, MetLife Securities in Springfield, Massachusetts from June 1989 until April 2001 and Allstate Financial Services in Nutley, New Jersey from March 2001 until December 2016. He is currently not registered within the industry. Please call 312-332-4200 today if you suffered losses with Mr. Panetta. We may be able to help you sue Allstate in the FINRA arbitration process on a contingency fee basis to recover your money. Attorneys are standing by.
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