Stoltmann Law Offices is interested in hearing from those individuals who may have lost money with Xavier Patino, a former registered broker with J.P. Morgan Securities. According to Patino’s Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), in 2014 and 2016, Patino made material misstatements to a customer and guaranteed the customer against loss in connection with a variable annuity purchase. On two separate occasions, Patino signed documents that purported to recite various guarantees regarding the customer’s variable annuity. This is against securities laws and internal firm rules. For this misconduct, Xavier Patino was suspended for six months and fined $10,000.
According to his online, FINRA BrokerCheck report, Xavier Patino was previously registered with Chase Investment Services Corp in North Riverside, Illinois from May 2008 until October 2012, and J.P. Morgan Securities in Elmhurst, Illinois from October 2012 until May 2017. He is currently registered with Newbridge Securities Corp in Oakbrook Terrace, Illinois, and has been since June 2017. He has two customer disputes against him, alleging misrepresentation regarding a variable annuity investment and poor recommendations and advice regarding mutual fund investments. He has one employment separation after allegations.
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