The securities fraud attorneys at Meyer Wilson are currently investigating
claims against broker Dion Padilla (CRD# 4432230).
According to the Financial Industry Regulatory Authority (FINRA), NEXT
Financial Group, Inc. broker Dion R. Padilla (CRD# 4432230) was named
a respondent in a complaint filed by the regulator.
Padilla is alleged to have effected unauthorized purchases of a variable
annuity for a customer of NEXT Financial Group. He is reported to have
concealed this information from the customer for more than nine months
by repeatedly misrepresenting that he did not invest any of the customer’s
funds into a variable annuity.
During that nine month stretch, Padilla allegedly repeatedly assured the
customer that the variable annuity application he presented them was not
in fact for a variable annuity. He reportedly convinced the customer,
both in writing and orally, to keep the variable annuity beyond the “Right
to Examine” period, after which time the customer could not cancel
the contract without incurring significant penalties.
According to FINRA, Padilla caused the customer to invest $558,889 into
the variable annuity on top of an initial $220,787 investment. During
this period, the customer reportedly unequivocally and consistently informed
Padilla that they did not want to purchase a variable annuity. Through
his alleged actions, Padilla willfully violated Section 10(b) and Rule
10b-5 of the Securities Exchange Act of 1934, as well as violating FINRA
Padilla is also the subject of a pending customer dispute, in which he
allegedly failed to include a principal protection for life rider in connection
with a variable annuity investment he recommended. The customer has requested
$342,000 in damages.
If you lost money investing with NEXT Financial Group broker Dion Padilla,
contact our securities fraud attorneys at Meyer Wilson today. We offer
free case consultations in order to discuss your potential claim. We handle
all of our cases on a contingency fee basis, so we don’t get paidunless
we recover money on your behalf.