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Mauriello Law Firm Defeats NPC's Motion to Dismiss Investor FINRA Arbitration Claim

March 23, 2022

Attorney Thomas Mauriello prevailed on a motion to dismiss his client's FINRA arbitration case filed by brokerage firm National Planning Corporation. The San Francisco-based arbitration panel of three arbitrators heard argument on the motion and issued an order denying the motion on the same day. NPC argued that the client's claims were barred by FINRA Rule 12206(a), which states: "No claim shall be eligible for submission to arbitration under the Code where six years have elapsed from the occurrence or event giving rise to the claim." NPC based its motion to dismiss on the fact that the NPC representative recommended and sold the client a variable annuity more than six years prior to the filing of the client's claim. The arbitration panel agreed with the argument by Mr. Mauriello that the recommendation was part of an "investment strategy" that continued after the sale of the specific annuity based on FINRA Rule 2111(a), the "suitability" rule, which requires brokerage firms and registered representatives to carefully consider their recommendations not only in terms of specific transactions, but also in terms of "investment strategies." Rule 2111(a) states: "A member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer's investment profile." (emphasis added.)

Attorney Thomas Mauriello has represented numerous clients who were sold unsuitable variable annuities, as well as many other investment-related issues, during his more than 30 years of law practice. If you have a problem with a variable annuity, or if you have concerns about other investment recommendations made by your securities brokerage firm, investment advisor firm, or insurance agent, contact the Firm for a confidential and free consultation.

Client Reviews
Tom, thank you for your all help. Among the three other attorneys I talked with, I chose you because you really listened, asked thoughtful questions and sought all information to understand my situation. That gave me confidence in you above all others. I am a believer in receiving feedback, so I just wanted to share my thoughts with you. If I come across anyone that is looking for counsel in this industry I will certainly refer them your way. Scott Yi, Securities Registered Representative
Thomas was very thorough, kind and truly cared about me and my case. He went above and beyond the call of duty. Every time I contacted him he me made me feel like a very important client. His skills, intelligence and demeanor lead to a victory in the courtroom! Susan De Diminicantanio
As a business development consultant, there have been times to which I am in need of counsel for the review and strategic advice a range of diversified employment and compensation packages. In this sense, Thomas Mauriello has been my trusted counsel, paying particular attention to the settle nuances the language and structure of contractual agreements, and rely heavily on his expert opinion as a plaintiff's lawyer! Emma Makinen, DOAP Kitchens, LLC
Our Family needed an attorney who was knowledgeable with FINRA and Tom proved to be very familiar with FINRA. We found him, trustworthy, thorough, honest and sympathetic during an emotionally stressful time with our Family. Annette Hellmich
I would recommend Mr. Mauriello highly - - to anyone - - - wish I had more friends in the area who need an attorney! He was extremely knowledgeable, timely, courteous, - AND - he won my case! Would call him again in an instant should the need arise. Nancy Brown