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Danny Acedo Has Variable Annuity Complaints

Danny AcedoPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 19, 2016 indicate that Arizona-based Crown Capital Securities broker Danny Acedo has been the subject of customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Acedo (CRD# 1760782).

Danny Acedo has spent 27 years in the securities industry and has been registered with Crown Capital Securities in Mesa, Arizona since 2013. Previous registrations include LPL Financial in Mesa, Arizona; Mutual Service Corporation in Tempe, Arizona; American General Securities in Tempe, Arizona; Triad Advisors in Norcross, Georgia; American General Securities in Phoenix, Arizona; and Advantage Capital in Atlanta, Georgia. He is a registered broker with six US states and territories: Arizona, California, Indiana, Minnesota, Nevada, and North Carolina.

According to his BrokerCheck report, Danny Acedo has received two customer complaints.

In 2014, a customer alleged Danny Acedo, while employed at Sagepoint Financial, recommended an unsuitable variable annuity investment. The complaint settled in December 2015 for $5,000.

In 2013, a customer alleged Danny Acedo, while employed at LPL Financial, recommended an unsuitable annuity and acted negligently. The complaint settled in January 2016 for $15,000, to which Mr. Acedo individually contributed $15,000.

Variable annuities are similar to mutual funds, though they have three primary additional features which mutual funds do not: a tax-deferred treatment of earnings, a death benefit, and payout options that can provide guaranteed income for the rest of the investor’s life. One of the common complaints regarding variable annuity investments is that a broker or investment adviser failed to inform an investor about the various sales charges and fees associated with variable annuities. In particular, many aggrieved investors file complaints with investors who, they allege, failed to educate them about a variable annuity’s surrender charge. A surrender charge is a sales fee incurred when investors withdraw money from the variable annuity within a certain period of time after the purchase—typically within six to eight years, though the specific number depends on the product. Surrender charges are typically used to pay a commission to your broker or investment adviser, and are typically a percentage of the amount withdrawn. Brokers who fail to properly educate their customers about a product’s surrender charge may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.

If you have lost money investing with Danny Acedo, you may be entitled to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis, which means we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.