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Richard Toni’s Involved in Investor Dispute Alleging Misrepresentation

Feb 15, 2022 Investor Disputes

Richard Toni (CRD #:5570208), a broker and investment advisor registered with MML Investors Services, is involved in an investor dispute, according to his BrokerCheck record accessed on February 2, 2022. 

Investor Allegations

On October 14, 2021, Richard Toni was involved in an investor dispute. According to the investor, she purchased a fixed annuity with the proceeds of a variable annuity. Prior to purchasing the fixed annuity in 2021, Richard Toni allegedly never made his investor aware of the guarantees and benefits that her existing variable annuity contained, which would have been available to her in the 10th policy year. 

The firm denied the dispute, but investors should know that firms can deny disputes without any external review. It is also important for investors to know that they can still pursue FINRA arbitration and recover their losses following a denial.

Richard Toni Allegedly Violated FINRA Rules 2020 and 2010

FINRA Rule 2020 prohibits brokerage firms and stockbrokers from making material misrepresentations or inducing people into buying investments with false statements about their potential benefits. 

FINRA Rule 2010 requires associated persons to observe high standards of commercial honor and just and equitable principles of trade. By omitting material facts to his client, Richard Toni failed to observe high standards of commercial honor and just and equitable principles of trade thus violating FINRA Rule 2010.

Background Information

Richard Toni 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 7 - General Securities Representative Examination
  • Series 6 - Investment Company Products/Variable Contracts Representative Examination

Richard Toni is a registered broker in 25 states. He is also a registered investment advisor in Connecticut and Texas.

Besides MML Investors Services, Richard Toni has also worked with MSI Financial Services. (CRD#:14251).

 Kurta Law Can Help

If you have worked with Richard Toni 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. Please reach out if you have any questions about what steps to take next to recover your investment losses.