Articles Tagged with Stockbroker Unsuitable Recommendation Lawyer

Xavier Patino of Burr Ridge, Illinois submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which Patino was fined and suspended by the Financial Industry Regulatory Authority (FINRA) for allegedly making an unsuitable recommendation and making guarantees against loss in violation of FINRA Rules 2010 and 2150(b).

From October 2012 through May 2017, Patino was registered with JP Morgan Securities as a General Securities Representative.  According to FINRA, sometime in 2014 and 2016, Patino allegedly made material misstatements to a customer guaranteeing the customer against a loss in connection with a variable annuity purchase. The FINRA findings stated Patino recommended that the customer purchase a $192,000 variable annuity contract. FINRA further found that Patino gave the customer documents to sign stating she would be able to take out some of her investment without penalty, and she would not lose any of her investments because they were guaranteed. FINRA stated that Patino knew the information was false but signed the documents anyways and by 2017 the variable annuity lost value. Continue Reading