Ion Valentin Cangea of New York New York a stockbroker formerly employed by Capital One Investing LLC is referenced in a customer initiated investment related written complaint on January 11, 2017 where the customer requested unspecified damages founded on allegations that the customer’s fixed annuity purchase was unsuitable given the customer’s age when the annuity had been purchased.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Cangea has been identified in four additional customer initiated investment related disputes pertaining to accusations of his misconduct while employed with Essex National Securities, Inc. Specifically, on July 9, 2004, a customer filed an investment related complaint regarding Cangea’s activities in which the customer sought $22,493.36 in damages based upon allegations that Cangea inappropriately placed the customer in a variable annuity that the customer did not need, and poorly advised the customer once the 1035 exchange had been executed.
On September 30, 2004, another customer filed an investment related complaint involving Cangea’s conduct where the customer requested at least $5,000.00 in damages supported by accusations that misrepresentations had been made to the customer concerning mutual funds purchased in the customer’s account. Further, on August 18, 2006, a customer filed an investment related complaint concerning Cangea’s activities in which the customer sought $25,000.00 in damages founded on allegations that the customer’s account had been mismanaged, and misrepresentations had been made to the customer concerning a variable annuity.
Thereafter, on August 5, 2013, a customer filed an investment related complaint regarding Cangea’s conduct where the customer requested unspecified damages based upon accusations against Cangea of defrauding the customer in connection with a life insurance purchase. The customer additionally alleged that it was not suitable for the customer to be placed in the policy and excessive amounts were used in the purchase of the insurance product.
Cangea has been previously subject of a regulatory action concerning his misconduct. Particularly, Cangea had been fined $750.00 and disgorged of $930.00 in commissions by the State of New York Insurance Department based upon Cangea’s consent to findings that he committed a violation of 11 NYCRR 51.5 in reference to his involvement in a customer’s annuity replacement. Case No. 2007-0486-S (July 12, 2007). Apparently, Cangea failed to complete disclosure documentation in reference to the transaction involving the New York resident.
Cangea’s registration with Capital One Investing, LLC has been terminated as of July 11, 2018. Since then, he has been associated with Woodbury Financial Services, Inc.
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