Published on:

FINRA Sanctions National Securities’ Xavier Patino Over Alleged Annuity Misstatements

Xavier PatinoPublic records published by the Financial Industry Regulatory Authority (FINRA) and accessed on July 16, 2018 indicate that Illinois-based Newbridge Securities Corporation broker/adviser Xavier Patino, also known as Javier Patino, has been sanctioned by FINRA in connection to alleged rule violations and received a customer dispute. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Patino (CRD# 5528139).

Xavier Patino has spent ten years in the securities industry and has been registered with Newbridge Securities in Oakbrook Terrace, Illinois since June 2017. Previous registrations include JP Morgan Securities in Elmhurst, Illinois (2012-2017) and Chase Investment Services Corporation in North Riverside, Illinois (2008-2012). He has passed four securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on February 22, 2012; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on July 8, 2008; Series 7 (General Securities Representative Examination), which he obtained on January 18, 2012; and Series 6 (Investment Company Products/Variable Contracts Representative Examination), which he obtained on May 29, 2008. He is a registered broker and investment adviser with five US states: California, Illinois, Indiana, South Carolina, and Wisconsin.

According to his BrokerCheck report, he has received one FINRA sanction and one customer complaint, and he was recently discharged from his former employer in connection to alleged rule violations.

In June 2018 FINRA sanctioned him in connection to allegations involving material misstatements connected to an annuity purchase. FINRA’s findings state that when Mr. Patino solicited a customer to invest in a $192,000 annuity contract, she asked him to sign a document which he knew contained false representations, and he signed it—denoting his concurrence with those representations—in spite of this knowledge. FINRA stated that he did the same with another later document regarding the annuity contract, though he knew it contained a false representation as well. When the annuity suffered losses and the customer complained to Mr. Patino’s firm, it reimbursed the losses. FINRA suspended him for six months and issued a fine of $10,000.

In April 2017 he was terminated from his position at Morgan Stanley following allegations he “admitted to signing an unapproved document” guaranteeing the customer against principal loss.

In March 2017 a customer alleged Xavier Patino, while employed at JP Morgan Securities, misrepresented material facts regarding a variable annuity investment. The complaint settled for more than $22,400.

In 2016 a customer alleged Xavier Patino, while employed at JP Morgan Securities, provided poor recommendations and advice concerning an investment in mutual funds. The customer sought more than $8,000 in damages in the complaint, which was denied.

If you or someone you know has complaints regarding Xavier Patino, also known as Javier Patino, 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.