Former Cadaret, Grant & Co., Inc. Broker, Timothy Pandekakes, Suspended by FINRA For Three Months And Fined $20,000 For Allegedly Recommending Unsuitable Exchanges of Variable Anuities
Timothy Pandekakes (CRD # 4890164) is currently registered at American Portfolios Financial Services, Inc. in Yonkers, NY. Timothy Pandekakes has been in the securities industry since 2005, Timothy Pandekakes previously worked at Cadaret, Grant & Co., in Bronxville, NY from 2005 to 2019.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on December 9, 2020, Timothy Pandekakes was suspended for three months and fined $20,000, for allegedly recommending unsuitable exchanges of variable annuities.
According to the FINRA sanction, “Without admitting or denying the findings, Pandekakes consented to the sanctions and to the entry of findings that he recommended unsuitable exchanges of variable annuities. The findings stated that Pandekakes recommended that two customers, who were a married couple nearing retirement, exchange variable annuities without having a reasonable basis to believe that the exchanges were suitable for them. In each instance, Pandekakes recommended that the customers exchange the variable annuity during its surrender period, which caused the customers to pay $44,406.17 in surrender fees. Moreover, in each instance, the recommended exchange caused the customers to lose living and death benefits, such as long-term income riders with guaranteed growth rates, for which they had already paid. In addition, each recommended exchange subjected the customers to a new surrender period.”
For a copy of Timothy Pandekakes’s FINRA disciplinary action details click here
On June 7, 2019 Timothy Pandekakes was discharged from Cadaret, Grant & Co., Inc. following allegations that he engaged “in
Investment practices inconsistent with Firm expectations.”
For a copy of Timothy Pandekakes’s CRD, click here
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.
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