GARY THEODORE PADUSSIS

GARY THEODORE PADUSSIS is currently employed as a Broker and/or Investment Adviser at CETERA ADVISORS LLC located at 609 HUGHES ST, CAPE MAY, NJ, 08204.

GARY THEODORE PADUSSIS has worked at CETERA ADVISORS LLC since April 12, 2013

Disclosure History

GARY THEODORE PADUSSIS has 4 Disclosure Event(s).

Date: June 28, 2011
Category: Customer Dispute
Allegations: CLAIMANTS ALLEGE, INTER ALIA, THAT IN OCTOBER OF 2008 THE FINANCIAL ADVISOR FAILED TO FOLLOW THEIR INSTRUCTIONS TO IMPLEMENT A SELL ORDER IN THEIR ACCOUNT.
Damage Amount Requested: $99,000.00
Settlement Amount: $37,500.00
Broker Comment: THIS SETTLEMENT DOES NOT REFLECT ANY ACKNOWLEDGEMENT OR ADMISSION OF ANY LIABILITY OR MISCONDUCT ON THE PART OF THE ADVISOR. THE FINANCIAL ADVISOR WAS NOT ASKED TO PERSONALLY CONTRIBUTE ANY AMOUNT TOWARDS THE SETTLEMENT OF THIS CASE AND VEHEMENTLY DENIES ANY ALLEGATIONS OF WRONGDOING. CITI GROUP/SMITH BARNEY RESOLVED THIS ISSUE SOLELY FOR BUSINESS REASONS TO AVOID POTENTIAL COST AND UNCERTAINTIES OF THE ARBITRATION FORUM. IT IS UNDERSTOOD THE REPORTING OF THIS MATTER IS REQUIRED BY FINRA RULES, THE ADVISOR FILED FOR EXPUNGEMENT UNDER APPLICABLE FINRA RULES BASED UPON THE FACT HE WAS NOT INVOLVED IN THE ALLEGED VIOLATIONS. CLAIMANTS ACKNOWLEDGED AND WILL NOT OPPOSE CITI GROUP/SMITH BARNEY AND MR. PADUSSI'S INTENTION TO PURSUE EXPUNGEMENT PROCEEDINGS TO HAVE ALL REFERENCED OF THIS MATTER REMOVED FROM MR. PADUSSI'S CRD RECORD.

Date: August 30, 2002
Category: Customer Dispute
Allegations: CLIENT ALLEGES FA BOUGHT SPECULATIVE STOCKS FOR HIS ACCOUNT WITHOUT HIS CONSENT OR INSTRUCTION.
Damage Amount Requested: $40,834.46
Broker Comment: CUSTOMER AUTHORIZED EVERY INVESTMENT MADE IN HIS ACCOUNT. THE TRANSACTIONS ALLEGED TO BE INAPPROPRIATE OR UNAUTHORIZED WERE EXECUTED IN 1999, MORE THAN THREE YEARS AGO.

Date: August 27, 2002
Category: Customer Dispute
Allegations: CLIENT ALLEGES OMISSIONS AND MISREPRESENTATIONS WITH REGARD TO THE HANDLING OF HIS ACCOUNT BY LEGG MASON.
Damage Amount Requested: $59,065.55
Broker Comment: MR. PADUSSIS VEHEMENTLY DENIES ANY ALLEGATION OF OMMISSION OR MISREPRESENTATION.

Date: March 29, 1999
Category: Customer Dispute
Allegations: MISREPRESENTATION OF INTEREST RATE PAYABLE ONAN ANNUITY. NO DAMAGE SPECIFIED, BUT BELIEVED TO BE IN EXCESS OF $5,000.
Broker Comment: IN 1991 THE ACCOUNT WAS TRANSFERRED TO ME. THEYHAD AN ANNUITY OF 8.5% WHICH DROPPED TO 4.5% IN 1995. CUSTOMER ASKED ME TO LOOK FOR A HIGHER RATE. I EXPLORED ANDDISCUSSED VARIOUS INVESTMENTS WITH THE CUSTOMER. AFTER DUCONSIDERATION, THE CUSTOMERS DECIDED ON AN ANNUITY ROLLOVERWITH ANCHOR NATIONAL. THEY UNDERSTOOD, DUE TO THE FACT THAT I MADE IT A POINT, THAT THE INITIAL RATE OF 7.0% WOULD DROP TO5.0% AFTER 3 YEARS. I ALSO EXPLAINED THE PENALTIES FORWITHDRAWAL. THE CONTRACTS WERE GIVEN TO THE CUSTOMERS AND THE RATES WERE FULLY DISCLOSED.

More Information

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A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.

BrokerCheck is the source of the data included in this Report. The data was compiled on June 29, 2018.

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