Daniel James Lauletta, of Broadview Heights, Ohio, a stockbroker formerly registered with MSI Financial Services Inc., is identified in a customer initiated investment related civil lawsuit which was resolved for $1,150,000.00 in damages on December 10, 2021, based upon accusations of Lauletta’s deceptive sales tactics and negligence as it pertained to insurance policies sold by Lauletta while at MSI Financial Services. Civil Action No. 02CV-20-152-3 (Dec. 10, 2021). The claim alleges that the insurance policies were not suitable for the customer. According to the claim, Lauletta caused the customer to incur unwarranted penalties and surrender charges.
Lauletta has been identified in four more customer initiated investment related disputes containing allegations of his misconduct while he was employed by MSI Financial Services Inc., Cetera Advisor Networks LLC, and Ameriprise Financial Services. Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that a customer filed an investment related complaint concerning Lauletta’s activities in which the customer sought $21,775.47 in damages founded on accusations of Lauletta’s failure to disclose surrender charges on the variable annuity he sold to the Ameriprise Financial Services customer.
Lauletta is also referenced in a customer initiated investment related written complaint where the customer requested compensatory damages supported by allegations of Lauletta’s unauthorized exchange of the customer’s annuities when Lauletta was registered with Cetera Advisor Networks. The complaint alleges that Lauletta moved the customer’s variable annuities into a fixed indexed annuity without the customer’s consent.
On December 12, 2019, another customer filed an investment related civil action regarding Lauletta’s conduct in which the customer sought $25,000.00 in damages based upon accusations of fraud relating to the customer’s investments in variable universal life insurance products. Civil Action No. CV-2019-12-4647. According to the claim, Lauletta misrepresented information about the policies. The claim alleges that the customer was fraudulently induced into buying the policies during the time that Lauletta was employed by Ameriprise Financial Services.
Lauletta is also the subject of a customer initiated investment related lawsuit which was settled for $953,000.00 on December 31, 2021, founded on allegations of misrepresentation by Lauletta relating to a whole life insurance policy that he sold to the customer while at MSI Financial Services. Civil Action No. 34CV-20-81 (December 31, 2021). The claim alleges that Lauletta effected an unsuitable whole life insurance policy sale.
Lauletta’s stockbroker and investment adviser representative registrations at MSI Financial Services were terminated on March 25, 2017. Since March 25, 2017, Lauletta has been registered with MML Investors Services LLC as a stockbroker and investment adviser representative.
