Current Investigations

Francesco Puccio Allegedly Misappropriates Funds

By June 11, 2019 No Comments

Francesco Puccio was a New York based securities broker. He worked in the securities industry for sixteen years. During his career, he was registered with four different securities firms.

His registrations included; The Equitable Life Assurance (1999-2000), AXA Advisors (1999-2009, 2011-2014), CCO Investment Services Corp. (2009-2011), and Cambridge Investment Research (2014-2015). He is no longer working as a registered securities broker in any fashion.

Francesco Puccio’s publicly available FINRA BrokerCheck report shows that he has received multiple customer complaints over the course of his career.

In July 2015, he was discharged from his position at Cambridge Investment Research due to criminal charges he received. He was charged with second degree grand larceny and fourth degree conspiracy. During a FINRA investigation into the matter, Francesco Puccio allegedly failed to comply with FINRA’s request for information and was in turn barred from acting as a securities broker in any fashion.

In September 2015, a customer requested that Francesco Puccio be investigated regarding alleged unauthorized loans taken against two variable life insurance policies purchased in 2012.

In November 2016, a customer alleged that Francesco Puccio made unsuitable recommendations to purchase two  life insurance policies and two variable annuities in 2012 and 2015. This case went to arbitration where the customer was awarded almost $3.2 million in damages. He received an identical complaint in December of that year. This case was settled for $115,000 in damages.

In April 2018, a customer alleged that Francesco Puccio sold her an unsuitable life insurance policy, unsuitable annuities, and misappropriated funds from her. This case was settled for $130,000 in damages.

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