His firm, AJA Financial/Securities America, has offices in Irvine and near Detroit. NASD documents say Amaradio is president of his own investment advisory firm. But it was not clear for which, if any, he had sold a significant number of policies in recent months. A Prudential spokesman said last year that Amaradio had left Prudential voluntarily at the end of 1994.Ĭalifornia and Michigan insurance officials said Amaradio is registered to sell life insurance for more than a dozen insurance companies. Equitable fired Amaradio in 1991, but Prudential Insurance quickly hired him. In 1993, Equitable agreed to pay a $1.5-million fine and settled NASD charges that it had failed to supervise Amaradio. But Ian McLauchlan, compliance officer for the Michigan bureau, said final action in the case had been delayed because the bureau needed time to investigate a large number of additional customer complaints against Amaradio.Īmaradio is contesting the Michigan action. Michigan formally filed in 1994 to revoke his license. It called Amaradio’s actions “egregious and severe” and said they amounted to “a pattern of misconduct that caused substantial damage to numerous public customers over an extended period of time.” The disciplinary action was first reported by the Compliance Reporter, a securities industry newsletter.Īn official at Michigan’s Insurance Bureau said the state is still proceeding with an effort to revoke Amaradio’s insurance license, a move that could automatically lead to his being banned from selling insurance in California. The fine and ban, all relating to Amaradio’s activities while with Equitable, were imposed by the NASD’s District 8 business conduct committee in Chicago.

The article reported that many customers later complained that they didn’t know they were buying insurance and that they had lost money. He was the subject of a 1993 article in The Times, which reported that Amaradio had advertised heavily on Christian radio stations in Southern California and his home state of Michigan, offering retirement investments.Ĭo-workers said Amaradio, 44, often prayed with customers before having them sign the new policies. He was later a top salesman for Prudential Insurance. In the 1980s, Amaradio was Equitable Life Assurance’s highest-producing salesman.

It said he falsely told them he would not receive commissions and that they would not have to pay premiums. Bujji questions Veeraiah and Kantam about her resemblance with Keerth. of Securities Dealers stemmed from NASD accusations that the Irvine-based salesman deceived unsophisticated investors into believing they were buying investments similar to mutual funds instead of life insurance policies. manasumamata teluguserial etvwinKeerthi regains her voice watching Anjali in danger. The action by a disciplinary committee of the National Assn. Amaradio, a highly successful Orange County life insurance salesman accused of defrauding customers, was fined $535,000 on Monday and permanently banned from the securities industry.

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