May 2019 UPDATE- Dion Padilla/ AT&T Retirement Account investigation. See this for details.
ORIGINAL POST-July 2016- San Antonio, Texas
The FINRA records of Dion R. Padilla , a stock broker currently employed by NEXT Financial Group , disclose a currently pending regulatory matter.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
FINRA recently filed complaint #2014040362001 alleging that Padilla effected unauthorized purchases of a variable annuity for a customer and concealed the information from the customer for over nine months. At the time Padilla presented the variable annuity application to the customer he assured the customer that the application was not for a variable annuity.
According to the complaint Padilla caused the customer to invest and additional $558,889 into the variable annuity by falsely claiming the investment was not a variable annuity. The customer consistently and unequivocally told Padilla that he did not wish to purchase a variable annuity.
Padilla recently disclosed that he is named in an arbitration brought by a customer seeking $347,000 damages. See this link for more.
Padilla has been employed by NEXT Financial Group since 2/2006. He also operates Padilla Wealth Management.
If you have losses in an account handled by Dion R. Padilla , contact us to discuss your options.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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