Pruco Securities Dismisses Broker For Violating Annuity Regulations

Gerald Ernest Vinella Junior (CRD#: 6260012, East Brunswick, New Jersey) is a prior registered representative of Pruco Securities, LLC. According to Vinella’s Financial Industry Regulatory Authority (“FINRA”) BrokerCheck profile, Vinella was employed as a Pruco Securities, LLC registered representative between November 1, 2013 and June 28, 2016, and was discharged for allegedly violating state regulations and Pruco’s policies with respect to annuity transactions.

Gerald Ernest Vinella Junior Discharged For Policy Violations

Pruco Securities specifically stated that Vinella failed to follow company policy relating to the replacement of customer’s variable annuities. Also, the firm stated that Vinella omitted information about how customer(s) variable annuities were funded. As a result of Vinella’s failure to comply with the requirements on annuity replacements, the firm disaffiliated with Vinella.

Pruco Securities Customers Complaint About Gerald Ernest Vinella Junior

1) On October 24, 2016, a customer of Pruco Securities submitted a complaint to the firm. According to the customer, Vinella failed to inform the customer about penalties that would be assessed for withdrawing monies from a variable annuity. However, the customer’s claims of omissions had been denied by Pruco Securities on November 15, 2016.
2) A Pruco Securities customer brought a complaint on April 4, 2016. That customer, like the other Pruco Securities customer, contended that Vinella made omissions about annuities. Specifically, the customer claimed that Vinella failed to disclose information about tax consequences and surrender charges. Because of this, the customer was unaware that the customer would be penalized and subject to tax consequences for withdrawing funds from a variable annuity. In light of these allegations, on July 26, 2016, Pruco Securities agreed to provide the customer $35,234.24 to settle the customer’s allegations of omissions.
After being discharged from Pruco Securities, LLC, Vinella became a registered representative of OneAmerica Securities, Inc. He was employed at OneAmerica’s Parsippany, New Jersey location between April 11, 2017 to October 16, 2017.

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