FINRA Broker, Phillip John Bucaro, Fined for Selling Unapproved Annuities

Phillip John Bucaro submitted a FINRA AWC in which he was fined $7,500 and suspended from association with any FINRA member in any capacity for four months. Bucaro has been registered with The Leaders Group, Inc. since August 2012.  Without admitting or denying the findings, Bucaro consented to the FINRA sanctions and to the entry of findings that he engaged in outside business activities by receiving approximately $203,000 in compensation for selling equity-indexed annuities (EIAs) to customers of his firm. The firm maintained an approved product list that included certain EIAs that the brokerage firm allowed its representatives to sell to customers.  However, Bucaro sold EIAs to the firm customers that were not on the firm’s approved product list. Bucaro neglected to give prior or prompt written notice of his engagement in such business activities to the firm. (FINRA Case #2011028635701)

Investors who have suffered losses through the sale of variable annuities and non-traded REITsmay be able recover their losses through arbitration. The attorneys at Silver Law Group are experienced in representing investors in cases against brokerage firms for violations of the sales of these complex or high commission products.   We primarily represent investors on a contingent fee basis and, in most cases, we will agree to advance any costs.