Antonio Accardo Involved in Fixed Annuity Dispute
Antonio Accardo (CRD #:5523884), a registered broker and investment advisor with MML Investors Services, is involved in an annuity dispute, according to his BrokerCheck record, accessed on November 29, 2021.
Investor Allegations
On October 11, 2021, an investor dispute was filed against Antonio Accardo, alleging he recommended unsuitable fixed annuities that were sold in 2014, which the client funded with proceeds from a 401k. The client requested a refund of her money; the case is still pending.
A financial advisor who recommends a security or investment is subject to ethical standards enforced by law. One such standard is known as the suitability rule, which is described in FINRA Rule 2111.
According to FINRA, the three prongs of a suitability determination are: 1) reasonable-basis suitability, 2) customer-specific suitability, and 3) quantitative suitability.
- Reasonable-basis Suitability: Brokers are required to use reasonable diligence before making a recommendation. This means they have an obligation to understand an investment strategy and its potential risks or rewards.
- Customer-specific Suitability: Before recommending a particular security or investment strategy involving a specific client, brokers are required to have reasonable grounds for believing it will be suitable based on that client’s personal profile. The profile includes information on the investor’s financial goals, investing experience, and risk tolerance.
- Quantitative Suitability: Brokers with control over a customer’s account must have a reasonable basis to believe that the series of transactions they recommend are not excessive before executing them. Excessive transactions run the risk of incurring too many fees and negating any returns.
If you’ve lost money due to a financial advisor’s bad recommendations, do not hesitate to contact an experienced securities attorney as soon as possible. Kurta Law is a nationally recognized securities law firm with over 25 years of experience litigating securities fraud cases.
Background Information
Antonio Accardo: has passed the following exams:
- Series 65 – Uniform Investment Adviser Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 6 – Investment Company Products/Variable Contracts Representative Examination
Antonio Accardo is a registered broker in four states. He is also a registered investment advisor in California.
Besides MML Investors Services, Antonio Accardo has not worked with any other firm.
Kurta Law Can Help
If you have worked with Antonio Accardo and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.