SSEK Investigates Investment Fraud Claims Involving Rogue Broker Anthony Diaz

Barred Broker Named In Almost 50 Customer Complaints 

Anthony Diaz, a former Pennsylvania stockbroker and investment advisor who has been the subject of dozens of customer complaints, is finally on trial for fraud. Jury selection is slated to start this week. 

Our investor lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) are speaking with former investors who worked with Diaz at one of the 11 brokerage firms where he was registered including Edward Jones, Raymond James and First Allied Securities to help determine if they have grounds for a broker fraud claim. 

Broker-Dealers Kept Hiring Anthony Diaz Despite Growing Investor Claims 

Here is the list of brokerage firms where Anthony Diaz worked as a registered representative: 

  • Horowitz & Associates
  • Round Hill Securities 
  • IBN Financial Services
  • Edward Jones
  • First Allied Securities
  • Raymond James Financial Services
  • SII Investments
  • Matrix Capital Group
  • International Financial Solutions 
  • Sandlapper Securities
  • Kovack Securities 

Despite the fact that several of these broker-dealers fired Diaz, the other firms went on to hire him. Diaz worked for 14 years in the industry. Already, he has been ordered to pay millions of dollars to former clients who were financially harmed by working with him. The Financial Industry Regulatory Authority (FINRA) permanently barred Diaz in 2015. 

As we mentioned earlier, there are nearly 50 customer disputes naming Diaz with the first one going back as far back as 2004. At least a few of these claims are still pending. There are 62 disclosures in total in his BrokerCheck record right now. 

Below are a number of broker fraud claims and allegations that were made against Anthony Diaz by his former customers. Allegations made against Diaz by his former customers include: 

  • Unsuitable recommendations
  • Fraudulent investments 
  • Failure to supervise
  • Breach of fiduciary duty
  • Forged documents
  • Misrepresentations
  • Omissions
  • Making false statements 

Diaz Allegedly Defrauded Retirees, Widows And Other Senior Investors 

Anthony Diaz was once regarded as one of the leading financial representatives in the United States. He was known for working with rich and experienced investors, placing their money in risky alternative investments. 

Yet many of his victims were older investors including widows, retirees and inexperienced investors, some of whom claim that they lost their life savings because Diaz handled their investments. In 2018, a Financial Industry Regulatory Authority (FINRA) arbitration panel awarded investors more than $4.3M in their elder investor fraud case against him.  

Criminal Fraud Charges

In the criminal case against Diaz, he is charged with multiple counts of fraud involving wire fraud and mail fraud. Like many of the civil claims against him, he is accused of persuading clients to invest in risky and/or unsuitable alternative investments that allowed him to make hefty commissions and fees. According to prosecutors, Diaz’s allegedly fraudulent actions involved about $611K in investments. 

Rogue Brokers And The Firms Who Hire Them

Brokerage firms can be held liable for the negligent and fraudulent actions of their stockbrokers should investor losses result. Rogue brokers, also known as recidivist stockbrokers, are those with a track history of wrongful and fraudulent behavior. Yet, many firms will still hire these repeat offenders, allowing them to harm even more investors. 

Investment Fraud Lawyers

Please contact SSEK Law Firm if you sustained losses while Anthony Diaz was your broker. You may have grounds for an investor claim against one of his former broker-dealers. 

We have worked with many investors across the United States helping them to recoup losses they sustained when a broker or financial advisor they were working with conducted fraud. If you believe that you are the victim of broker misconduct, contact us for a free no-obligation case consultation today.

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