Benjamin Soccodato of Elmsford, New York, a stockbroker registered with MML Investors Services LLC, was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $75,000.00 in damages based upon allegations that Soccodato engaged in unsuitable trading and made misrepresentations of material fact in connection with the sale of direct investments, variable annuities, mutual funds, and real estate securities during the time that Soccodato was associated with MML Investors Services LLC and MSI Financial Services Inc. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-01168 (July 19, 2022). The investors previously sought over $5 million and the matter was purportedly “resolved for business reasons and to avoid the uncertainty and costs associated with protracted litigation.”
This is not the first time that Soccodato has been referenced in a customer initiated investment related dispute concerning his conduct in the securities industry. FINRA Public Disclosure shows that Soccodato was also referenced in a customer initiated investment related complaint that was settled on August 31, 2009, to resolve allegations that the customer’s signature had been forged on a life insurance policy document.
Soccodato was associated with MSI Financial Services Inc. in Elmsford, New York from August 8, 2005, to March 25, 2017. Since March 25, 2017, Soccodato has been associated with MML Investors Services LLC in Elmsford, New York.