Andrew James Aragona (CRD #1320844, Registered Representative, Deerfield Beach,Florida)
was fined $138,500 and suspended from association with any FINRA member in any capacity for one year. These sanctions were based on findings that Aragona recommended unsuitable variable annuity switches to an elderly customer.
The FINRA findings stated that Aragona failed to conduct an objective, quantitative analysis of the benefits of the recommended switches, so the customer incurred $130,000 in surrender fees, which was more than 10 percent of the value of her investment, but Aragona earned $123,500 from the switches.
The suspension is in effect from July 2, 2012, through July 1, 2013.
(FINRA Case #2010023963301)
This information was found on FINRA’s website under “Disciplinary and Other FINRA Actions, July, 2012.”
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