The securities fraud attorneys at Meyer Wilson are currently investigating claims against broker Dion Padilla (CRD# 4432230).
According to the Financial Industry Regulatory Authority (FINRA), NEXT Financial Group, Inc. broker Dion R. Padilla (CRD# 4432230) was named a respondent in a complaint filed by the regulator.
Padilla is alleged to have effected unauthorized purchases of a variable annuity for a customer of NEXT Financial Group. He is reported to have concealed this information from the customer for more than nine months by repeatedly misrepresenting that he did not invest any of the customer’s funds into a variable annuity.
During that nine month stretch, Padilla allegedly repeatedly assured the customer that the variable annuity application he presented them was not in fact for a variable annuity. He reportedly convinced the customer, both in writing and orally, to keep the variable annuity beyond the “Right to Examine” period, after which time the customer could not cancel the contract without incurring significant penalties.
According to FINRA, Padilla caused the customer to invest $558,889 into the variable annuity on top of an initial $220,787 investment. During this period, the customer reportedly unequivocally and consistently informed Padilla that they did not want to purchase a variable annuity. Through his alleged actions, Padilla willfully violated Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934, as well as violating FINRA Rule 2020.
Padilla is also the subject of a pending customer dispute, in which he allegedly failed to include a principal protection for life rider in connection with a variable annuity investment he recommended. The customer has requested $342,000 in damages.
If you lost money investing with NEXT Financial Group broker Dion Padilla, contact our securities fraud attorneys at Meyer Wilson today. We offer free case consultations in order to discuss your potential claim. We handle all of our cases on a contingency fee basis, so we don’t get paidunless we recover money on your behalf.