Phillip Valadez

Phillip Valadez served as my elderly Father's financial advisor for over 12 years. During this time my Father lost over $100,000 due to Mr. Valadez's financial advice. This included volatile investments such as margin calls, failed mortgage/ stock market investment schemes, age inappropriate, high-risk stock portfolios, and a variable annuity insurance policy he was repeatedly assured by Mr. Valadez could be terminated at any time with his investment fully recovered. My father was forced to default $60,000+ in February of 2011 for the variable annuity policy and Mr. Valadez's response was that he did not sell a lot of insurance policies and did not really understand it despite being licensed to sell this type of investment vehicle in the State of Texas.

Mr. Valadez approached my Father at a Rotary Club Breakfast and continued to call him until my Father agreed to a meeting. It appears that he frequently targets senior citizens at these types of forums. Currently, Mr Valadez is under investigation by the Texas Department of Insurance, Texas State Securities Board, The Texas Attorney General's Office and the Better Business Bureau.

Finally, Mr Valdez has a formal complaint filed against him while was employed at Prudential Securities Inc. for "a customer initiated, investment-related written complaint containing allegations that the broker engaged in sales practice violations resulting in compensatory damages of at least $5,000, forgery, theft, or misappropriation, or conversion of funds or securities".... as reported by FINRA the Financial Industry Regulatory Authority.