San Antonio Texas Stockbroker Misconduct Attorney - Law Offices of Robert Wayne Pearce

May 8, 2017

NEXT Financial Representative Suspended for Misrepresenting a Variable Annuity Investment

Dion Rey Padilla, of San Antonio, Texas, submitted an Offer of Settlement to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly making an unauthorized purchase of a variable annuity for a customer and misrepresenting to the customer on numerous occasions that it was not a variable annuity. FINRA found that, while employed by NEXT Financial Group, Inc., Dion Padilla misrepresented a variable annuity investment to his customers, who stressed to him that they did not want any of their funds invested in a variable annuity due to the fees and their desire for liquidity. Mr. Padilla allegedly presented a variable annuity application to the customer, assuring him that it was not for a variable annuity, but a type of managed money investment. Mr. Padilla’s misrepresentations, however, were false and misleading.

Aug 3, 2015

Ameriprise Representatives David and Sian Harari Barred for Falsifying Information

David Harari and his wife Sian Harari of San Antonio, Texas were accused by the Department of Enforcement of the Financial Regulatory Authority (FINRA) to have provided false information to a FINRA member firm, falsely obtain customer funds and to have failed to disclose tax liens on a Form U4. David Harari entered the securities industry in 1999 when he joined Ameriprise Financial Services, Inc. Much of his services at Ameriprise as a registered investment advisor included providing clients with financial planning services for which he charged a flat fee. He also received commissions for the sale of other investment products. In July 2002, David’s wife Sian began working for him as an unregistered assistant.