Articles Tagged with variable annuities

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FINRA has suspended financial advisor Timothy James Pandekakes (CRD No. 4890164) from the securities industry for three months and ordered him to pay partial restitution of $20,000.

FINRA alleged that between January 2016 and April 2018, while employed by Cadaret, Grant & Co., Inc. in Bronxville, New York, Mr. Pandekakes recommended four unsuitable exchanges of variable annuities, in violation of FINRA Rules 2111, 2330, and 2010.

Timothy Pandekakes was a financial advisor at Cadaret, Grant & Co., Inc. from December 2004 through June 2019.   During the same period, he was also affiliated with MDIC Investment Company in Bronxville, New York.  According to public records, Mr. Pandekakes’ employment was terminated by Cadaret, Grant & Co., Inc. in June 2019 for engaging in investment practices inconsistent with firm expectations.

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**Update: 3/22/2021**  On December 21, 2020, the state of Maryland revoked Mr. Wesselt’s registration.   In addition, in December 2020, two additional customers filed complaints concerning the suitability of recommendations made by Mr. Wesselt.

Original Post:

Financial Advisor Richard Michael Wesselt BARRED by FINRA for Recommendations in Unsuitable Variable Annuity Investments to 78 Customers – Collegeville, PA

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