Written by The White Law Group• May 2, 2019• 6:26 pm• Blog, Current Investigations

Francesco Puccio, Broker Investigation

Lawsuit involving Barred Broker Francesco Puccio & AXA Advisors

Are you concerned about investments made with former financial advisor Francesco Puccio? If so, the securities attorneys at The White Law Group may be able to help you.

According to a FINRA arbitration award posted on April 25, 2019, an elderly couple in upstate New York won a $3.2 million FINRA arbitration award against AXA Advisors in a case allegedly involving unsuitable variable annuity and life insurance sales.

James and Sandra Fitzpatrick filed a lawsuit claiming that their former advisor, Francesco Puccio, allegedly sold them products that produced large commissions for him but were damaging to the Fitzpatricks’ assets and estate plan, according to reports.

The Fitzpatricks alleged that Puccio sold them the products to earn higher commissions due to personal financial difficulties.

The FINRA arbitration panel, a three-person, all-public panel, reportedly awarded the Fitzpatricks $2.2 million in compensatory damages, $889,868 in attorneys’ fees and $67,293 in costs. The arbitrators declined to award punitive damages.

The clients originally requested $3 million in compensatory damages.

According to FINRA BrokerCheck, Puccio was a registered representative with AXA Advisors in Pittsford, New York, from January 2010 until January 2014. Since then, he has been affiliated with Cambridge Investment Research until he was reportedly discharged in 2015 for allegations that he “engaged in criminal activity regarding the wrongful taking of property.”

FINRA reportedly barred Puccio from working in the securities industry in August 2015 for the above alleged violations.

Investigating Potential Claims

The White Law Group is investigating potential claims involving Puccio and the liability his former employers may have for failure to properly supervise him.

Under FINRA rules and regulations, Broker-Dealers are responsible for supervising the actions of those advisors registered with their firm, and therefore may be held liable for the actions of their Broker(s).

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.

We represent investors in FINRA arbitration claims in all 50 states, including New York . Our attorneys have recovered millions of dollars from many brokerage firms in the past.