Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on May 17, 2017 indicate that former Texas-based Next Financial Group broker/adviser Dion Padilla has been sanctioned by FINRA and suspended from acting as a broker. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Padilla (CRD# 4432230).
Dion Padilla has spent fourteen years in the securities industry and was most recently registered with Next Financial Group in San Antonio, Texas (2016-2017). Previous registrations include Securities America in La Vista, Nebraska; UBS Financial Services in Weehawken, New Jersey; Valic Financial Advisors in Houston, Texas; and Merrill Lynch in New York, New York. He is currently not registered with any state or firm.
According to his BrokerCheck report, he has received two customer complaints, one pending customer complaint, and one FINRA sanction.
In March 2017 a customer alleged Dion Padilla, while employed at Next Financial Group, “misrepresented the monthly distributions, benefits or advantages of the policy and dividends to be received” on a variable annuity policy. The customer is seeking more than $970,500 in the pending complaint.
In 2017 FINRA sanctioned him following allegations he “effected unauthorized purchases of a variable annuity for a customer of his member firm and concealed this information from the customer for over nine months through repeated misrepresentations that he had not invested the customer’s funds into a variable annuity.” FINRA’s findings state further: “At the time Padilla presented the variable annuity application to the customer, Padilla assured the customer that the application was not for a variable annuity. Padilla convinced the customer to keep the variable annuity beyond the Right to Examine period by reassuring him orally and in writing that the investment the customer had purchased was not a variable annuity. Padilla caused the customer to invest an additional $558,889 into the variable annuity by falsely claiming that the investment purchased was not a variable annuity. In reliance upon Padilla’s material misrepresentations, the customer initially invested $220,787 in the variable annuity and, in further reliance on the material misrepresentations, made an additional investment in the variable annuity of $558,889. The customer consistently and unequivocally told Padilla that he did not wish to purchase a variable annuity.” He was issued a 3-month suspension and a fine of $10,000.
In 2016 a customer alleged Dion Padilla, while employed at Next Financial Group, failed to include a principal protection in connection to a variable annuity investment. The complaint settled for $175,000.
In 2014 a customer alleged Dion Padilla, while employed at Next Financial Group, effected an unauthorized transaction. The complaint settled for more than $69,000.
If you or someone you know has complaints regarding Dion Padilla, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on a contingency basis: we only receive payment if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.