Timothy Pandekakes (CRD #: 4890164), a broker registered with American Portfolios Financial Services in Yonkers, NY, has been suspended by FINRA, according to his BrokerCheck record, accessed on January 21, 2021. Details about the allegations that led to his suspension are provided below.
On December 9, 2020, Timothy Pandekakes entered into an Acceptance, Waiver, and Consent (AWC) agreement with FINRA, in which he consented to the findings that he recommended unsuitable exchanges of variable annuities. Pandekakes allegedly recommended that his customers, who were a married couple nearing retirement, exchange a variable annuity during its surrender period. This caused the investors to pay $44,406.17 in surrender fees. The recommended exchange caused the customers to lose living and death benefits, for which they had already paid.
The AWC included restitution of $20,000 for the investors and a three-month suspension for Timothy Pandekakes. In the light of Pandekakes’ financial status, no monetary sanction has been imposed. You can read a copy of the AWC here.
On June 7, 2019, Pandekakes was fired from Cadaret, Grant, & Co, following allegations that he employed investment practices inconsistent with firm expectations.
Timothy Pandekakes has passed the Series 63 Uniform Securities Agent State Law Examination, the Securities Industry Essentials Examination, and the Series 6 Investment Company Products/ Variable Contracts Representative Examination. He is a registered broker in 11 states.
Timothy Pandekakes has been registered at two firms:
- American Portfolios Financial Services (CRD #: 18487)
- Cadaret Grant & Co (CRD #: 10641)
If Timothy Pandekakes was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta. Call (877) 238-4175 or email email@example.com for a free case consultation with a securities attorney.