David Taddeo, Broker with LPL Financial, Facing Pending Customer Dispute Alleging Issues with Variable Annuity Income Withdrawals

Taddeo has settled customer disputes with similar allegations earlier in 2020.

The Sonn Law Group is investigating allegations that David Taddeo misrepresented variable annuities. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

David Taddeo (CRD#: 1163829) is currently registered as a broker and financial adviser with LPL Financial, where he has been employed since 2000. Taddeo was previously registered as a broker with Financial Network Investment Corporation from 1998 until 2000.

Taddeo has five customer disputes on his BrokerCheck report, one of which was denied.

July 2020 Customer Dispute

• Status: Pending
• Allegations: Customer alleged that terms of variable annuity income benefit were presented in error in October 2003, that income withdrawals have been based on that error, and requests that a solution be provided. Activity Period: 10/1/03 to 7/29/20.

April 2020 Customer Dispute

• Status: Settled
• Allegations: Customer alleged that terms of variable annuity were misrepresented and sought damages of approximately $800,000. Activity Dates – 6/1/07 to 1/29/20.
• Settlement Amount: $325,000.00

January 2020 Customer Dispute

• Status: Settled
• Allegations: Customer alleged that terms of variable annuity’s income guarantee were misrepresented and sought unspecified damages of over $5,000. Activity Period – 4/17/03 to 2/1/19.
• Settlement Amount: $289,625.00

June 2002 Customer Dispute

• Status: Settled
• Allegations: Customers allege that representative caused and/or contributed to delays in closing and  terminating their profit sharing plan, in late 2000 resulting in market losses and penalties of approximately $357,596. Representative denies all allegations and maintains that he acted in a timely and appropriate manner in all dealings and with respect to all transactions and instructions of the customers.
• Damage Amount Requested: $357,596.00
• Settlement Amount: $115,000.00
• Broker Comment: Matter was resolved with no admission of liability, which remained denied, and solely as an accommodation to avoid protracted litigation.

Contact Us Today

The Sonn Law Group is currently investigating allegations that David Taddeo misrepresented variable annuities. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.