- July 21, 2018
- Newbridge Securities
The Wolper Law Firm is currently investigating claims against Xavier Patino, a Financial Advisor at Newbridge Securities in Oakbrook Terrace, Illinois. Xavier Patino has been in the securities industry since the 2008 and previously worked at JP Morgan Securities.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in April 2017, Xavier Patino was discharged by JP Morgan Securities for the following conduct:
“REGISTERED REPRESENTATIVE ADMITTED TO SIGNING AN UNAPPROVED DOCUMENT, PREPARED BY A CUSTOMER, THAT GUARANTEED THE CUSTOMER WOULD NOT LOSE THEIR PRINCIPAL INVESTMENT AMOUNT, IN ORDER TO COMPLETE THE INVESTMENT SALE, IN VIOLATION OF FIRM POLICY.”
Inexplicably, after being discharged, Xavier Patino was hired by Newbridge Securities as a Financial Advisor. In June 2018, FINRA sanctioned Xavier Patino for the following misconduct for signing a document guaranteeing to a customer that he/she would not lose money in a variable annuity he recommended. FINRA concluded that Xavier Patino attempted to induce the client to make the transaction based upon a promise of positive performance.
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.
If you or someone you know was a customer of Xavier Patino, and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at email@example.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. Simply put, he knows how the other side evaluates cases, which gives you a competitive advantage.