Gagnon barred from securities industry

BOSTON – Former Rhode Island stockbroker Stephen E. Gagnon has been barred from the securities industry due to fraud, according an announcement by the Boston Regional Office of the Securities and Exchange Commission.
An administrative law judge in Rhode Island found that Gagnon, formerly of Riverside, had violated anti-fraud provisions of state securities laws, based on misconduct in 2007 when he convinced a customer to terminate a variable annuity that she owned and replace it with two other variable annuities that were inappropriate investments for her, the SEC reported. The transaction gave rise to thousands of dollars of excessive charges and included forged signatures on disclosure documents.
Gagnon’s investment adviser representative and insurer producer licenses have been revoked.

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