• June 28, 2018
• Sandlapper Securities

The Wolper Law Firm, P.A. is currently investigating claims against Anthony Diaz, a former Financial Advisor at Sandlapper Securities in Scotrun, Pennsylvania.  Anthony Diaz first entered the securities industry in 2000.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Anthony Diaz has been the subject of more than forty-five (45) customer complaints for alleged sales practice violations and, in April 2018, was barred by FINRA from associating with a member brokerage firm.  To have this many disclosures is rarely seen in the brokerage industry.

https://brokercheck.finra.org/individual/summary/4131948

Anthony Diaz has a long history of customer complaints, employment separations and regulatory investigations.  In April 2018, FINRA barred Anthony Diaz from working as a registered Financial Advisor with a FINRA member firm.  This censure comes on the heels of myriad customer complaints and alleged sales practice infractions that have been systematic throughout his career.  Anthony Diaz has been accuses of recommending unsuitable investments, fraud, misrepresentation, asking customers to sign blank documents and breaching fiduciary duties.  Among the complaints against Anthony Diaz include:

• December 2017—“Client alleges that RR made a poor recommendation, asked her and her husband to sign blank documents, overstated their net worth and income, put false information on their documents…” Alleged damages are $94,918.
• September 2017—“Client alleges forged investment documents.” The matter was settled for $45,000.
• May 2016—“Customer alleges that Mr. Diaz misrepresented guaranteed payments of interest, violated suitability requirements, falsified…information…” The matter was settled for $86,450.
• April 2016—“Claimants allege Mr. Diaz misrepresented guaranteed payments of interest, violated suitability requirements…” The matter was settled for $114,265.
• July 2015—“Client alleges BDS allowed represented to invest in high commissioned, unsuitable, illiquid products…” Alleged damages are $500,000.
• May 2015—Client alleges that “RR misrepresented….forged certain account documentation…made false statements.” The matter was settled for $218,326.

These complaints merely scratch the surface of the allegations and settlements pertaining to Anthony Diaz.  For a full recitation of his complaint history, please click on the BrokerCheck link above.

Brokerage firms are required by regulation to supervise the Financial Advisors they employ.  The failure of a brokerage firm to properly supervise its Financial Advisors imposes liability on the brokerage firm for investment losses caused by the Financial Advisor’s misconduct.  On June 24, 2018, Sandlapper Securities was featured in a Wall Street Journal article for, in part, their hiring and retention of Financial Advisors with histories of regulatory infractions and customer complaints.

https://www.wsj.com/articles/firms-with-troubled-brokers-are-often-behind-sales-of-private-stakes-1529838000?mod=searchresults&page=1&pos=1

If you or someone you know was a customer of Anthony Diaz or Sandlapper Securities and you experienced investment losses, please contact the Wolper Law Firm, P.A. at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available.  The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration.