A lot of investors are not aware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may be entitled to damages. The law firm of Oakes & Fosher is very interested in hearing from investors who think that this may be them.

Oakes & Fosher is currently investigating the possible misconduct of former securities broker Dion Padilla. According to his publicly available FINRA BrokerCheck report, Dion Padilla has been the subject of multiple customer disputes.

Dion Padilla operated most recently as a Texas based securities broker. He worked in the securities industry for fourteen years. During his career, he was registered with five different securities firms.

His Registrations

  • Merrill Lynch (2001-2002)
  • Valic Financial Advisors (2002-2003)
  • UBS Financial Services (2002-2003)
  • Securities America (2003-2006)
  • Next Financial Group (2006-2017)

The Allegations

  • In February 2014, a customer alleged that Dion Padilla executed an unauthorized trade. This case was settled for $69,400 in damages.
  • In April 2016, a customer alleged that Dion Padilla failed to include a principal protection for life rider in connection with a recommended variable annuity investment. This case was settled for $175,000 in damages.
  • In March 2017, a customer alleged that the variable annuity she purchased on Dion Padilla’s recommendation was misrepresented to her concerning the monthly distributions, benefits or advantages of the policy, and dividends to be received on the policy. This case was settled for $416,998 in damages.
  • In May 2017, another customer alleged that Dion Padilla misrepresented the fact that a variable annuity he had purchased on Padilla’s recommendation had a guaranteed monthly distribution for the remainder of his life. This case was settled for $90,000 in damages.

What Does This Mean?

Variable annuities are one of the most common products that investors complain about. This is because the details of them are often misrepresented to customers by securities brokers like Dion Padilla. They are also incredibly complex which means most investors who purchase these products rely heavily on their brokers to adequately explain them. Most customers have no reason to believe that the details regarding the annuity are being misrepresented to them due to the fact that they don’t fully understand how they actually work. Investors who believe that they have lost money due to their securities broker misrepresenting a variable annuity may be entitled to damages.

Oakes & Fosher Can Help

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Dion Padilla, please contact Oakes & Fosher for a free and private consultation.