Former employer of convicted broker fined in the past by New York state

May 6, 2019 by Jane Flasch

Rochester, N.Y. – 13WHAM reported Wednesday about a Rochester investment broker convicted of grand larceny involving one client – and ordered to pay $2.3 million to another.

One of the companies that broker worked for has been fined in the past by New York state.

In 2014, the State Department of Financial Services levied its largest fine ever against AXA Equitable Holdings involving variable annuity products. Those are the very products Jim and Sandra Fitzpatrick, as well as Shirley Kerwin, say they were advised to purchase through their broker, Francesco Puccio.

“I really didn’t understand it,” Kerwin told 13WHAM. “I told him I trusted him.”

Click HERE to read the full story via WHAM.

Originally Posted at WHAM on May 2, 2019 by Jane Flasch.