Soreide Law Group is evaluating potential investor claims of sales practice violations against Donald Padilla (CRD#: 3053711, Alhambra, California). Namely, the securities broker, who worked for Kestra investment Services LLC (2015 to 2018) and National Securities Corporation (2018), reports 3 client disputes, 2 bad employment separations and even a FINRA investigation. Read on to learn more about these disclosures.
Donald Padilla Allegedly Sold Annuity To Incapacitated Client
Evidently, a client of Kestra investment Services brought a complaint about Donald Padilla to the firm’s attention on August 30, 2019. Mainly, the client’s son alleged that Padilla sold an annuity to his mother when she had diminished capacity. Supposedly, the client should not have invested in the annuity. It appears that the client alleged $100,000 in damages resulting from the transactions. However, Kestra Investment Services denied the client’s complaint on September 3, 2019.
WM Client Indicates That Padilla Failed To Disclose Facts About Annuity
Apparently, Donald Padilla used to work for WM Financial Services. It appears that a client of that securities firm disputed Padilla’s sales practices. Mainly, the client suggested that Padilla failed to reasonably explain how the annuity worked and the risks of investing. Evidently, this client’s matter closed without action in 2007.
FINRA Investigating Donald Padilla For FINRA And NASD Rule Violations
Allegedly, clients are not the only ones questing Donald Padilla. FINRA is allegedly investigating Padilla for violations of NASD and FINRA Rules. It is possible that Padilla violated NASD Rule 3110 by falsifying records or making inaccurate references to his trading. Also, FINRA is reviewing whether Padilla failed to comply with FINRA Rule 8210. It is possible that Padilla failed to comply with FINRA’s requests for information or documentation. Apparently, this investigation is ongoing.
Kestra, LPL Disaffiliate With Padilla Over Misconduct
Evidently, Kestra and LPL both disaffiliated with Donald Padilla for violating company policy. Apparently, Kestra parted ways with Padilla in March 2018 because Padilla failed to follow the securities firm’s directives on marketing and correspondence. Previously, Padilla worked for LPL Financial, who indicated that Padilla resigned in November 2015. Notably, LPL investigated Padilla’s unauthorized use of emails and possible obstruction of communications amid his resignation.
Have you experienced losses by investing with Donald Padilla? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.