Ohio Financial Advisor is Accused of Negligence and Unsuitability
Daniel James Lauletta, an MML Investors Services stockbroker and investment advisor, is currently named in three pending customer disputes, including one in which the claimant is requesting $1M in damages. The Broadview, Ohio financial advisor has worked in the industry for 25 years.
Our broker misconduct attorneys are looking into further claims of losses by current and former customers of Daniel Lauletta. Please contact Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) so that we can help you determine whether you have grounds for a FINRA arbitration case to recover damages.
Broker Daniel Lauletta Facing Several Customer Disputes
The disclosures listed on Daniel Lauletta’s BrokerCheck record include:
- October 2020: Seeking $1M in damages, this claimant contends that starting in 2012, when Lauletta was still a broker with either Walnut Street Securities or Ameriprise Financial, the latter offered negligent advice and engaged in deceptive sales practices resulting in the purchase of life insurance policies that were unsuitable for this particular customer. As a result, the claimant’s retirement funds were depleted to pay for collateral obligations and, also, he incurred surrender charges and tax penalties.
- September 2020: This customer contends that starting in 2016, while Lauletta was either a broker with Cetera Advisors Network or MSI Financial Services, the latter made misrepresentations and fraudulently got him to buy a whole life insurance policy that was unsuitable. The claimant is requesting $5K in damages.
- December 2019: Seeking $25K, this claimant is accusing Lauletta of, beginning in 2011, making misrepresentations and fraudulently inducing him to buy several variable universal life insurance policies.
- August 2014: This variable annuity claim involving an unauthorized exchange was concluded with a settlement.
- February 2014: Also involving a variable annuity, this claimant’s dispute was denied.
Other firms where Lauletta used to be registered either as a broker or investment advisor include Financial Management Strategies, Ameriprise Financial Services, Lincoln Financial Advisors, The Lincoln National Life Insurance, Capital Brokerage Corporation, Fort Washington Brokerage Services, and Capital Analyst, Incorporated.
Filing a FINRA Arbitration Claim Against Broker-Dealers
FINRA stipulates that member firms must supervise the activities of their registered brokers. This means not just preventing misconduct or negligence but also identifying signs of either and taking action to stop further losses from occurring to customers.
Even if a broker-dealer had nothing to do with a registered representative’s fraudulent actions such as unauthorized trading or misrepresentations, they may still be held liable in FINRA arbitration by a client who was harmed.
If the broker in question is no longer registered with a firm, that broker-dealer can still be held liable as long as, according to FINRA rule 12206, the claim is submitted no more than six years from the date of the event or incident that warrants the customer case.
Also, broker-dealers should think twice before hiring someone who has a track record of customer disputes or other disclosures and exposing their clients to possible financial harm.
Knowledgeable Broker Negligence Lawyers
Our experienced investment fraud lawyers have been representing investors that were victims of negligent and fraudulent actions for over 30 years. To request your free, no-obligation case consultation, call SSEK Law Firm at (800) 259-9010 today.