Timothy Pandekakes, an American Portfolios Financial Services broker, allegedly recommended four unsuitable exchanges of variable annuities, according to FINRA’s Letter of Acceptance, Waiver and Consent (AWC), from January 2016 through April 2018, under review by attorney Alan Rosca.
Investor rights attorney Alan Rosca of the Rosca Scarlato LLC law firm is investigating the allegations of unsuitable exchanges of variable annuities recommendations involving Timothy Pandekakes.
Investors who are concerned about their investments with Timothy Pandekakes are encouraged to contact attorney Alan Rosca for a free consultation and discussion of recovery options or to provide any useful information. Call 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
Timothy Pandekakes Suspended and Ordered to Pay Restitution by FINRA
From January 2016 and April 2018, Pandekakes allegedly recommended that two customers exchange four annuities without having reasonable basis to believe the exchanges were suitable for them, according to the AWC.
The two customers were a married couple nearing retirement and Pandekakes allegedly recommended that the customers exchange the variable annuity during its surrender period. As a result, the customers had to pay $44,406.17 in surrender fees, the AWC notes.
The AWC states that the recommended exchange by Timothy James Pandekakes allegedly caused the customers to lose living and death benefits, such as long-term income riders with guaranteed growth rates. In addition, each recommended exchange exposed the customers to a new surrender period.
As a result of Pandekakes alleged misconduct, he received a three-month suspension from associating with any FINRA member firm in any capacity and a partial restitution of $20,000.
Concerned about investments with
Investors who are concerned about their investment with Timothy Pandekakes are encouraged to contact attorney Alan Rosca for a free case evaluation and discussion of recovery options, or to provide any useful information. Call 888-998-0530, via email at rosca@lawgp.com, or through the contact form on this webpage.
Timothy James Pandekakes signed the AWC accepting and consenting to FINRA’s findings, without admitting or denying the findings, and solely for the purposes of the proceeding brought by or on behalf of FINRA , prior to a hearing and without an adjudication of any issue of law or fact.
Timothy Pandekakes Was Registered with FINRA for 15 Years
According to Pandekakes’ FINRA Brokercheck Page, he has been registered with FINRA since 2005 and switched employers two times. He was first employed with Cadaret, Grant & Co located in Bronxville, New York from January 2005 until June 2019.
Pandekakes was discharged from this firm in June 2019 on allegations of his investment practices being inconsistent with the Firm’s expectations, according to a disclosure reported on his FINRA Brokercheck page.
He is currently registered with American Portfolios Financial located in Yonkers, New York. Pandekakes has been employed with this firm since August 2019 and as of the date of this article, FINRA has suspended his registration in all capacities until April 3, 2021 according to his FINRA Brokercheck page.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
Are You Concerned About Your Investment with Timothy Pandekakes? Securities Lawyers May Be Able to Help
The Rosca Scarlato LLC law firm represents investors who lose money as a result of broker misconduct and investment-related fraud. We are currently investigating conduct related to American Portfolios Financial broker Timothy Pandekakes’ allegedly recommending unsuitable exchanges of variable annuities.
The firm takes most cases like this on a contingency fee basis and advances the case costs, we only get paid for the fees and costs out of the money we recover for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of investors who fall victim to their unscrupulous broker’s misconduct, violations of sale practices, or other investment-related misconduct.
Timothy Pandekakes investors who are concerned they suffered a loss are encouraged to contact attorney Alan Rosca for a free, no-obligation case evaluation and discussion of their recovery option, or to provide any useful information by calling 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
