Daniel James Lauletta of Cleveland, Ohio, a stockbroker formerly registered with MML Investors Services LLC, is the subject of an Arkansas Securities Department regulatory investigation in which the Department might file a complaint seeking revocation, administrative fines, and a cease and desist order against Lauletta based upon allegations that Lauletta potentially violated Arkansas Securities Act and the Commissioner’s Rules. Case No. S-20-0046 (March 14, 2022). Lauletta was discharged by MML Investors Services on March 24, 2022, founded on accusations that Lauletta violated Arkansas Securities Act.
Three months earlier, a customer initiated investment related civil action involving Lauletta’s conduct was resolved for $1,150,000.00 in damages supported by accusations of deceptive sales tactics and negligent advice on insurance products while Lauletta was associated with MSI Financial Services. Civil Action No. 02CV-20-152-3 (December 10, 2021). The customer was a resident of Arkansas. The claim alleges that the customer was steered towards buying life insurance policies that were neither suitable nor sustainable. According to the lawsuit, retirement assets needed to be used by the customer for paying obligations, and the customer had to incur tax penalties and surrender penalties.
Lauletta has been identified in five customer initiated investment related disputes containing allegations of his conduct when he was registered with securities broker-dealers, including 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 involving Lauletta’s activities where the customer requested $21,775.47 in damages supported by accusations that Lauletta failed to disclose surrender charges on a variable annuity that the customer purchased.
Another customer initiated investment related FINRA securities arbitration claim regarding Lauletta’s conduct was settled to resolve allegations of unauthorized exchanges of variable annuities during the time that Lauletta was registered with Cetera Advisor Networks.
On December 12, 2019, an investor filed an investment related civil action concerning Lauletta’s activities in which they sought $25,000.00 in damages based upon accusations of misrepresentation and fraud regarding variable universal life insurance policies purchased through Lauletta and Ameriprise Financial Services. Civil Action No. CV-2019-12-4647.
Lauletta is also referenced in a customer initiated investment related civil action which was settled for $953,000.00 on December 31, 2021, founded on allegations of Lauletta selling an unsuitable whole life insurance policy when he was employed by MSI Financial Services. Civil Action No. 34CV-20-81 (December 31, 2021). According to the claim, the customers were fraudulently induced into buying those policies. The claim also alleges misrepresentation.
Lauletta was registered with Cetera Advisor Networks from September 3, 2013, to September 6, 2016. He was also registered with MSI Financial Services between September 19, 2016, and March 25, 2017, and MML Investors Services between March 25, 2017, and April 12, 2022.