FINRA Claims Former Financial Advisor Also Cost Investors Over Variable Annuities
The Financial Industry Regulatory Authority (FINRA) has filed a complaint accusing ex-Western International Securities registered representative Megurditch Mike Patatian of unsuitably recommending to 59 customers that they purchase non-traded real estate investment trusts (non-traded REITs). According to the self-regulatory organization (SRO), Patatian lacked reasonable grounds to make 81 recommendations to these customers. Not only that, but for four of the non-traded REIT sales at issue, the ex-financial advisor recommended that they surrender their variable annuities (VAs), which caused them to have to pay surrender fees and incur taxes.
These purportedly unsuitable recommendations which caused investors to lose money, occurred while Patatian was with Western International Securities in Westlake Village, CA. (After leaving that brokerage firm in 2020, he became a Supreme Alliance broker for less than a year in Charlotte, North Carolina.)