Donald George Padilla (Donald Padilla) – Financial Advisor/Broker Donald Padilla Suspended from the Securities Industry | Goodman & Nekvasil, P.A. May Recover Investor Losses
Donald Padilla was a previously licensed financial advisor/broker with National Securities Corporation, Kestra Investment Services, LLC, and LPL Financial LLC. FINRA reports that Donald Padilla was fined $10,000 and suspended from the securities industry for five months in June 2020. FINRA also reports that Donald Padilla was suspended from the securities industry indefinitely in January 2020.
According to the FINRA Allegations:
Regarding Donald Padilla’s suspension in June 2020, Donald Padilla consented to the sanctions and to the entry of findings that Donald Padilla set up and used unapproved email accounts to correspond with Donald Padilla’s member firm’s customers about securities business and circumvented its supervision of Donald Padilla’s business. The findings stated that Donald Padilla sent numerous electronic communications through the email accounts to firm customers regarding firm business such as, among other things, account funding confirmations, portfolio recommendations, fee summaries, and trade confirmations. Donald Padilla hid the email accounts from the firm during branch audits. The findings also stated that Donald Padilla caused the firm to fail to comply with its recordkeeping obligations by using the email accounts to conduct firm business, which prevented the firm from preserving records of these communications. The findings included that Donald Padilla made misrepresentations on multiple firm annual compliance questionnaires, indicating that he only used his firm email address for securities business and client-related correspondence.
Regarding Donald Padilla’s suspension in January 2020, Donald Padilla failed to comply with an arbitration award or settlement agreement or to satisfactory respond to a FINRA request to provide information concerning that status of compliance.
According to Donald Padilla BrokerCheck Report, Donald Padilla was discharged from Kestra Investment Services, LLC in March 2018. Donald Padilla allegedly failed to follow firm policy, specifically in relation to correspondence requirements and marking designations.
Goodman & Nekvasil P.A. May Recover Investor Losses
If you lost money on investments with Donald Padilla and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action concerning Donald Padilla’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you lost money on investments with Donald Padilla and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
Some of the information in this blog post was obtained on 6/10/2020 directly from FINRA BrokerCheck, without any changes. If you believe this information was reported incorrectly, please contact our firm at 1-800-500-4442.
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