Florida Securities, Commodities and Precious Metals Fraud Attorney, Russell L. Forkey, Esq.
Frank Anthony Perrotto (CRD #2284028, Registered Representative, Janesville, Wisconsin, formerly licensed with Woodbury Financial Services, Inc. and Harbour Investments, Inc.) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Perrotto consented to the described sanction and to the entry of findings that he recommended that his customer purchase a fixed annuity for $100,000, helped the customer complete the annuity application form, received the $100,000 check from the customer, and without the customer’s knowledge and authorization, endorsed the check to himself, never submitted the annuity application, and deposited the $100,000 into his bank account for his own personal benefit. The findings stated that Perrotto created a false annuity contract and further created bogus annuity statements that he provided to the customer to conceal his misconduct. The findings also stated that after Perrotto’s misconduct was discovered, he paid total restitution of $100,000 to the customer. The findings also included that Perrotto failed to appear and provide testimony as FINRA requested. (FINRA Case #2010021313401).
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