Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker Timothy James Pandekakes (CRD # 4890164) was recently suspended from the securities industry by FINRA’s Department of Enforcement. The sanction occurred as a result of an investigation into his termination for unsuitable recommendations regarding variable annuities.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Pandekakes.
Registration Background for Timothy James Pandekakes
Mr. Pandekakes first became registered in the securities industry in 2005. He is currently registered with Yonkers, NY based American Portfolios Financial Services, Inc. (CRD # 18487). His prior registrations include Cadaret, Grant & Co., Inc. (CRD # 10641) from January 2005 to June 2019.
FINRA’s Allegations against Timothy James Pandekakes
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated December 9, 2020, Mr. Pandekakes consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “From January 2016 through April 2018, [Mr.] Pandekakes recommended that two customers, who were a married couple nearing retirement, exchange four variable annuities without having a reasonable basis to believe that the exchanges were suitable for them”;
- “In each instance, [Mr.] Pandekakes recommended that the customers exchange the variable annuity during its surrender period, which caused the customers to pay $44,406.17 in surrender fees”;
- “Moreover, in each instance, the recommended exchange caused the customers to lose living and death benefits, such as long-term income riders with guaranteed growth rates, for which they had already paid”;
- “In addition, each recommended exchange subjected the customers to a new surrender period”; and
- By virtue of his actions, Mr. Pandekakes violated FINRA Rule 2111, regarding suitability, FINRA Rule 2330, regarding variable annuities and FINRA Rule 2010, regarding standards of commercial honor and principles of trade.
FINRA Sanctions Timothy James Pandekakes
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s December 9, 2020 AWC also indicates that Mr. Pandekakes consented to the following sanction(s):
- A three-month suspension from association with any FINRA member in all capacities; and
- Partial restitution of $20,000.00 plus interest.
Timothy James Pandekakes has No History of Customer Complaints
In addition to the findings of FINRA’s Department of Enforcement, FINRA BrokerCheck for Mr. Pandekakes reveals he does not have a history of customer complaints and/or customer initiated arbitrations.
If you or someone you know has or had a brokerage account with Timothy James Pandekakes and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.
