June 2020- Appleton, WI
According to publicly available records, former Thrivent Investment Management, Inc., financial advisor Paul W. Petrillo, is barred from FINRA and discloses a settled customer dispute.
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.
In 1/2020 in FINRA case 2018058262001 Petrillo was permanently barred from the securities industry to resolve allegations that he placed discretionary orders to purchase or sell securities in customers’ outside securities accounts without notifying his member firm of his authority to do so or the executing firm of his association with this firm. The findings stated that Petrillo also opened a family trust securities account over which he had trading authority away from his firm, but did not notify it of the accounts existence. The findings also stated that Petrillo participated in undisclosed private securities transactions. The findings included that Petrillo provided a false response to a request for information made by FINRA. Petrillo deliberately failed to inform FINRA about customers’ accounts in which he effected trades away from his firm. Sanctions were that he was permanently barred from FINRA in all capacities.
In October of 2017, a customer with Thrivent Investment Management, Inc., alleged that Petrillo placed trades in her account without consulting her. The case settled for almost $33,500.
Petrillo was employed by Thrivent Investment Management, Inc. and Thrivent Financial for Lutherans from July 2002 until April of 2018.
If you have losses in an account handled by Paul Petrillo, call to learn how you may be able to recover damages through FINRA arbitration.
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.
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