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February 20, 2012

Deerfield Beach, FL, Rep Named in FINRA Complaint

business man holding his head with text asking questions about stock broker misconduct

The following information was obtained on FINRA’s website’s ‘Disciplinary Actions, January 2012.”

Andrew James Aragona (CRD #1320844, Registered Representative, Deerfield Beach, Florida)

was named as a respondent in a FINRA complaint alleging that he recommended

variable annuity switches to an elderly customer who had a moderate risk tolerance

and a primary investment objective of capital appreciation.

The complaint alleges that Aragona recommended that the customer consolidate several annuities into one annuity because it purportedly offered revocable annuitization and permitted the customer to leave money to her heirs in a tax-efficient manner; the annuity was purchased for $1,185,229 and the customer incurred approximately $69,000 in surrender fees for which Aragona received $67,500 in commissions.

This complaint also alleges that less than a year later, Aragona recommended that the customer switch the annuity for another one because he believed it provided more flexibility in volatile market conditions and allowed investments in subaccounts; the annuity was purchased for $1,017,195 and the customer incurred approximately $61,000 in surrender fees for which Aragona received $56,000 in commissions.

This complaint further alleges that because the customer incurred a total of

approximately $130,000 in surrender fees in less than one year, the costs outweighed any purported benefits; therefore, the recommendations were not suitable for the customer.

(FINRA Case #2010023963301)

The information from FINRA’s website has ended.

Securities Attorney, Lars Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you or a family member have sustained losses through Andrew James Aragona, of Deerfield Beach, FL, or similar losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: www.securitieslawyer.com.

Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.

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