In August 2014, the Financial Industry Regulatory Authority (FINRA) filed a complaint against stockbroker Anthony Diaz of IBN Financial Services, Scotrun, PA.
The complaint, FINRA Disciplinary Proceeding No. 2011030254902, alleges a myriad of wrongdoing by Diaz, including:
- From March 2010-May 2011, Diaz solicited 80 customers to exchange variable annuities without a reasonable basis for recommending those exchanges. (This is know as annuity swapping, a form of churning)
- During 207-2010, DIaz falsely told customers that direct participation partnerships and real estate investment trusts (REITs) were guaranteed.
- He recommended an illiquid product to an 88 year old customer, violating suitability requirements.
- He falsified the liquid net worth, net worth and/or income information of at least nine customers to make it appear that they were eligible to invest in REITs and direct investment partnerships when in fact they were not. He also changed dates and forged documents.
- Diaz made unauthorized trades in the accounts of at least 7 customers
Diaz was first registered as a stockbroker in 2000. During this 14 years he has worked for eleven firms:
- IBN Financial Services
- Sandlapper Securities
- International Financial Solutions
- Kovack Securities
- Matrix Capital Group
- SII Investments
- First Allied Securities
- Round Hill Securities
- Raymond James Financial Services
- Edward Jones
- Horwitz & Associates (now InSight Securities)
According to FINRA records Diaz was fired or allowed to resign from half of the firms where he worked for reasons including:
- Solicited sales of variable annuities to clients without being properly appointed with annuity company
- Complaints that Mr. Diaz entered unauthorized trades
- Violated firm’s prohibition against unauthorized trading
If you suffered losses in an account handled by Mr. Diaz you may be able to recover damages. If you suffered damages in an account handled by your broker as a result of churning annuities, unauthorized trading or forgery, call to discuss your legal options.
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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