Elderly Couple Wins $3.2 Million in FINRA Arbitration Case

According to reporting from InvestmentNews, an elderly couple from Upstate New York was recently awarded $3.2 million in financial compensation in a FINRA arbitration case.

The claim was brought against AXA Advisors (CRD#: 6627) and one of its former securities brokers named Francesco Puccio (CRD#: 3204237). Notably, Mr. Puccio has been barred from the industry.

Unsuitable Investments in Variable Annuities

From 2011 to 2014, Francesco Puccio recommended five separate variable annuities to the elderly couple. In its decision (Case Number: 16-03454), the Buffalo, NY-based FINRA arbitration panel determined that these were unsuitable investment recommendations.

The investors were issued a FINRA arbitration award that included $2.2 million in compensatory damages and more than $900,000 in attorneys’ fees and other costs.

After his employment at AXA Advisors, Mr. Puccio went on to serve as a representative of Cambridge Investment Research. In 2018, that brokerage firm, which was also initially named as a respondent in this proceeding, reached a separate settlement with the investors — agreeing to pay the elderly couple $115,000 in compensation.

Mr. Puccio was terminated by Cambridge Investment Research in 2015 after allegations of criminal misconduct.

Speak to an Elder Financial Fraud Attorney Right Away

At Sonn Law Group, our investment fraud lawyers represent investors in elder financial exploitation cases, including in unsuitable investment arbitration claims. If you or your elderly loved one was a victim of securities fraud or financial advisor misconduct, please contact us today for a free consultation.

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