LPL Financial Broker Barred for Obstructing Investigation
Robert Neil Tricarico, formerly a general securities representative with LPL Financial, LLC, was permanently barred from associating with any FINRA member in any capacity after failing to provide information and documentation requested by FINRA in connection with an investigation into allegations that Tricarico converted customer funds. FINRA Letter of Acceptance, Waiver, and Consent No. 2014043719001 (Apr. 30, 2015). LPL Financial, LLC, according to public disclosure records, terminated Tricarico after the firm discovered information via a lawsuit by the executrix of a deceased client alleging that Tricarico had misused or misappropriated client funds.
According to the Letter of Acceptance, Waiver, and Consent (“AWC”), FINRA began an investigation into the conversion allegations, where on January 22, 2015, FINRA, acting pursuant to Rule 8210, sent Tricarico a letter requesting that he provide information and documents which included Tricarico’s bank account records. Tricarico did not respond to FINRA’s request, nor did he respond to an additional request by FINRA that was sent to him on February 6, 2015.
The AWC indicated that after Tricarico had retained counsel to represent him in the course of FINRA’s Department of Enforcement investigation, on February 25, 2015, Tricarico’s counsel only partially responded to FINRA’s requests for information and documentation. The AWC noted that Tricarico’s response failed to provide the personal bank account records that FINRA requested.
According to the AWC, FINRA requested that Tricarico provide the additional information and documentation, including details regarding gifts that Tricarico had received from January of 2009 through December of 2012. Tricarico, according to the AWC, did not comply with FINRA’s requests, despite additional FINRA requests that he comply.
FINRA registered representatives like Tricarico who do not cooperate with FINRA’s investigations often face a permanent bar from practicing in the securities industry as such lack of cooperation violates FINRA’s Rule 8210 – requiring that no member or person shall fail to provide information or testimony or permit an inspection and copying of books, records, or accounts pursuant to the rule. FINRA typically accompanies a Rule 8210 violation with a Rule 2010 violation when individuals, according to FINRA, do not appear to observe high standards for commercial honor and just and just and equitable principles of trade.
Public disclosure records via FINRA’s BrokerCheck reveal that Tricarico has been subject to 12 disclosure incidents regarding misconduct, including customer disputes, judgments/liens, financial compromises, civil actions, and regulatory issues. Of particular note is the pending civil action from November 13, 2014, in which an executrix has claimed that Tricarico has engaged in mismanagement and misappropriation of funds. On February 24, 2014, prior to FINRA imposing a permanent bar, FINRA suspended Tricarico for failing to comply with an arbitration award or settlement agreement or satisfactorily respond to a FINRA request to provide information concerning status of compliance.
Public records also reveal that Tricarico settled a customer dispute for $390,000.00 after a customer alleged that assets were knowingly stolen and/or mismanaged and wasted by Tricarico from 2009-2011 (during the time in which Tricarico was registered with Wells Fargo Advisors) as well as 2011-2012 (the time Tricarico was registered with LPL Financial LLC). On June 3, 2015, Tricarico became subject to a customer dispute (pending), where a customer is requesting damages of $15,264.44 after alleging that Tricarico had failed to explain surrender charges and misrepresented fixed indexed annuities.
Firms and individuals, quite obviously, are prohibited from unauthorized use or borrowing of a customer’s funds or securities, forgery, non-disclosure or misstatement of material facts, and manipulations and various deceptions. These activities are also subject to the civil and criminal laws and sanctions of federal and state governments.
Guiliano Law Group
If you have been the victim of securities fraud and you have a complaint, you should consult with an attorney. The practice of Nicholas J. Guiliano, Esq., and The Guiliano Law Group, P.C., is limited to the representation of investors in claims for fraud in connection with the sale of securities, the sale or recommendation of excessively risky or unsuitable securities, breach of fiduciary duty, and the failure to supervise. We accept representation on a contingent fee basis, meaning there is no cost unless we make a recovery for you, and there is never any charge for a consultation or an evaluation of your claim. For more information contact us at (877) SEC-ATTY.