Xavier Patino a stockbroker formerly employed by J.P. Morgan Securities LLC has been fined $10,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he made misleading and false statements to a customer concerning a variable annuity. Letter of Acceptance Waiver and Consent No. 2017054170501 (June 28, 2018).
According to the AWC, in March of 2014, customer LM had been solicited by Patino to place $192,000.00 into a variable annuity. The customer had apparently received the variable annuity prospectus detailing the risks and terms for investing in the annuity. However, Patino purportedly signed an additional document which referenced, inter alia: a guarantee that the customer would not lose her principal; that the customer could effect withdrawals from the annuity; and that the annuity would provide the customer a minimum return. Those representations were apparently known by Patino to be false. Nonetheless, Patino signed documents confirming that he believed his statements to be true.
The AWC further stated that Patino signed another document referencing the customer’s ability to procure a fixed, guaranteed amount from the customer’s annuity if withdrawals were not executed from the customer’s account. Yet, Patino evidently knew that it may not be possible for the customer to be guaranteed a fixed sum as he represented.
The AWC revealed that Patino’s annuity sustained losses in 2017, prompting the customer to lodge a complaint against J.P. Morgan Securities LLC. The customer reportedly referenced Patino’s guarantees that had been evidenced within the documents Patino signed. FINRA found that Patino’s false and misleading statements constituted violations of FINRA Rules 2150(b) and 2010.
FINRA Public Disclosure reveals that Patino is referenced in two customer initiated investment related disputes pertaining to accusations of his misconduct while employed with J.P. Morgan Securities LLC. Specifically, on January 21, 2016, a customer filed an investment related complaint involving Patino’s activities in which the customer sought $8,050.38 in damages based upon allegations that the customer was poorly advised concerning mutual fund transactions placed in the customer’s account between May 26, 2015 and January 21, 2016.
On August 8, 2017, a customer initiated investment related complaint concerning Patino’s activities was resolved for $32,279.00 in damages supported by accusations that Patino misrepresented the terms of a variable annuity purchased by the customer.
FINRA Public Disclosure confirms that Patino was terminated by J.P. Morgan Securities LLC on April 20, 2017 founded on allegations that Patino violated the policy of the firm by acknowledging to have signed unauthorized documentation, and for guaranteeing that the customer was free from principal risk.
Since June 6, 2017, Patino has been registered with Newbridge Securities Corporation.
The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.
This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
