January 2019- Wappingers Falls, NY
The FINRA records of Richard V. Minichino , a former stockbroker who was last employed by NEXT Financial Group , disclose that he was barred by securities regulators, a recent termination from employment, a recently settled customer dispute and several currently outstanding judgement/liens.
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 12/2018, FINRA permanently barred Minichino from the securities industry for failing to respond to a FINRA request for information.
In April 2018 a customer of NEXT Financial Group alleged that Minichino advised him to rollover several annuity IRAs into other investments and at no time was advised of the tax rule that allows only one rollover per tax year. The claim was settled for $56,671.
Minichino was employed by NEXT Financial Group from 2/2016-2/2018, when he was discharged by NEXT Financial who made the following allegation on Minichino’s‘ FINRA record: “discharged after an internal review involving trading in a customer’s accounts that appeared to be unsuitable”
Minichino’s prior employment includes: Wunderlich Securities, J.P. Morgan Securities and Chase Investment Services.
Brokers have a duty to make investment recommendations that are suitable taking into account the age, health, financial sophistication and risk tolerance of the individual.
If you have questions about an account handled by RIchard Minichino , contact us for a no charge consultation 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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