David Panetta, a representative formerly employed with Allstate Financial Services, LLC (Allstate), submitted a Letter of Acceptance, Waiver, and Consent in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he engaged in outside business activities without his firm’s approval.
FINRA’s findings state that while employed by Allstate, David M. Panetta, of Clark, New Jersey, sold nine unapproved insurance products through an entity unaffiliated with Allstate. Mr. Panetta allegedly received $12,000 in compensation for the prohibited sales, but failed to disclose the sales or his compensation to his member firm. Further, FINRA found that Mr. Panetta falsely answered “no” on the firm annual attestations to the questions asking if he had any outside business activities or accepted compensation from any unapproved entity. Mr. Panetta was assessed a deferred fine of $7,500 and suspended from association with any FINRA member in any capacity for two months. The suspension was in effect from June 5, 2017 through August 4, 2017. Continue reading →