Dion Rey Padilla of San Antonio, Texas, a stockbroker formerly registered with Next Financial Group, Inc., is the subject of a customer initiated investment related arbitration claim on July 18, 2017, in which the customer sought $900,000.00 in damages based upon allegations that a variable annuity was sold to the customer, in which the terms features, costs and benefits of the product had been misrepresented.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Padilla has been identified in two more customer disputes since being fined $10,000.00 and suspended for fifteen months from associating with any FINRA member in any capacity for unauthorized trading and misrepresentation. Department of Enforcement v. Dion R. Padilla, Disciplinary Proceeding No. 2014040362001 (Feb. 7, 2017).
Particularly, a customer initiated investment related written complaint involving Padilla’s activities has been settled for $175,000.00 in damages supported by allegations that Padilla recommended and sold the customer a variable annuity contract without including a principal protection rider. FINRA Arbitration No. 16-02163 (Mar. 8, 2017). Subsequently, a customer filed an investment related arbitration claim involving Padilla’s conduct, where the customer requested $456,500.00 in damages based upon allegations that the customer did not receive a guaranteed income rider on the variable annuity despite Padilla’s representation that the product would provide guaranteed monthly income to the customer. FINRA Arbitration No. 17-02402 (Sept. 12, 2017).
Padilla’s registration with NEXT Financial Group, Inc. has been terminated as of February 27, 2017. He is suspended from acting as a broker until June 5, 2018.
Guiliano Law Group
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