- October 20, 2023
- Ameritas Investment Corp
John P. Franzino (CRD#:4734949) is a registered broker at Ameritas Investment Company, LLC., in Massapequa, NY.
Broker’s Background
John Franzino entered the securities industry in 2004 and has previously worked at MML Investors, LLC; MSI Financial Services, Inc; and NYLIFE Securities, LLC.
Current and Past Allegations of Conduct Leading to Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in August 2023, John Franzino became the subject of a customer dispute which alleges, “With regard to 14 traditional life insurance policies purchased between July 2008 and August 2011, the complainant executed an affidavit of forgery and claims that he did not sign, consent or participate in the application process naming him insured and using his company bank account to pay a portion of the premiums.” The customer dispute is still pending.
In addition, John Franzino has been the subject of one other disclosure involving employment separation after allegations:
- MML Investors Services, LLC. “ Registered Representative resigned while under internal review with respect to sales practice issues regarding traditional life insurance products.” John Franzino was permitted to resign.
For a copy of John Franzino’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.
Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.
Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s age, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.
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