A complaint against a Monroe County financial adviser has been filed with the agency the arbitrates disputes between financial brokers and the public.
The Financial Industry Regulatory Authority, or FINRA, has initiated regulatory action against Anthony Diaz of Scotrun.
FINRA is an independent, non-governmental regulatory body of the financial industry.
The complaint alleges that Diaz recommended variable annuity exchanges that were inappropriate for his customers, and falsified or caused the falsification of customers’ reported net worth in order to make the investments appear to meet minimum net worth standards.
Diaz is also accused of attempting to induce an insurance to transfer a customer’s annuity to his control by altering a signature date on the authorization form, forging a customer’s signature, and falsifying the records of his employers.
Unauthorized trading in the accounts of some clients and misleading clients to believe their investments were guaranteed or carried a specific rate of return round out the accusations.
The complaint alleges that Diaz had been fired from four financial advisory firms, but that he routinely misled his customers to believe he had left voluntarily.
The FINRA complaint seeks complete restitution.
A statement from Diaz’s attorney “vehemently denies the allegations.”
Diaz’s attorney said he is confident the allegations will be dismissed once he presents his client’s side of the case.