Category Archives: Lincoln Financial Network

William F. Garbarino-Former Lincoln Financial Broker-Barred From Securities Industry-Danbury, CT

September 2017 – Danbury, CT

According to publicly available records  William F. Garbarino (CRD#730278) , a former stockbroker  who was most recently employed by Lincoln Financial Advisors , disclose a termination from employment and a regulatory event that resulted in his bar from the securities industry, a customer dispute and an outstanding judgment/lien.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

Garbarino was employed by Lincoln Financial Advisors from 5/2009-4/2017. He was discharged in 4/2017 by Lincoln Financial who made the following allegation on his FINRA record: “FINRA made a preliminary determination to pursue disciplinary action against the representative in connection with FINRA’s allegation that he provided false testimony under oath”

Without admitting or denying the findings, Garbarino consented to a permanent bar from the securities industry and to the entry of findings that he falsely testified during a FINRA arbitration that his office staff did not photocopy and reuse customer signatures to create annuity company change of broker forms, and each of the customer signatures contained a sample of those form were authentic and non identical. During a hearing Garbarino testified that customer signatures were authentic and not photocopies of the originals.

The findings also state that at the time of his testimony his son, who worked at his office, obtained from certain customers executed but partially blank, signature pages for such forms, which he photocopied and used to create falsified new forms containing non authentic signatures which were submitted to several annuity companies as originals.

If you have questions about an account handled by William F. Garbarino, call to speak with an experienced securities attorney.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Douglas C. Robb-Former Cuso Financial Services Broker-Discloses Termination From Employment

Port Chester, New York

According to FINRA records,  Douglas C. Robb, Jr.   a stockbroker who was recently employed by Cuso Financial Services , discloses  a termination.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

Robb was employed by Cuso Financial Services from 5/2012-4/2016. He was permitted to resign from Cuso Financial in 4/2016 for violation of firm special supervision program for failing to secure pre-approval of a variable annuity transaction.

Robb’s prior employment includes Lincoln Financial Distributors from 5/2006-5/2012.

If you have questions about an account handled  by Douglas C. Robb, Jr. , call for a no charge consultation.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Sun Life Annuities Can Be A Problem for Investors

Especially if the annuities subaccounts are investing in hedge funds.


FINRA recently investigated the following  firms in connection with  variable annuities( Foresee Strategies Insurance Funds and Sala Multi Series Fund) issued by Sun Life Financial, Inc. that contained sub-accounts with hedge fund investments:

  • Geneos Wealth Management
  • Lincoln Financial Network
  • National Planning Corp.
  • SagePoint Financial, Inc.
  • FSC Securities 

The strategy of the subaccount manager was to invest in options in the S&P 500, using both put and call options. This strategy is known as a strangle and counts on the hope that the market doesn’t move very hard up or down. In a period of high volatility, as happened in Septmeber 2008, this strategy does not work. In this case the subject annuities were nearly wiped out completely. 

There are lots and lots of annuities out there and investors need to be very wary when purchasing one. Variable annuities tend to be riskier because they are dependent upon the ups and downs of the stock market. Principal is not generally guaranteed in variable annuities so when the markets go down, the variable annuity will lose money. This may not be suitable for those on fixed incomes who are dependent upon their nest egg to survive and who cannot afford to lose capital.

If you have questions about your stock brokerage account, please give us a call. We have been helping investors recover stock market losses for 25 years.

Nationwide representation

Free consultation.

Rex Securities Law

561 391 1900