FINRA Bars LPL Financial Stockbroker In Investigation

Marc Salvatore Pico of Fort Lee New Jersey a stockbroker currently registered with LPL Financial LLC has been barred by Financial Industry Regulatory Authority (FINRA) from associating with any FINRA member in any capacity based upon allegations that the stockbroker neglected to respond to the regulator’s request for information about his activities. Case No. 2018059327101 (Feb. 4, 2019).

According to FINRA Public Disclosure, Pico was issued a Notice of Suspension letter on October 30, 2018 and a Suspension from Association letter on November 23, 2018. By February 4, 2019, the stockbroker failed to request that his suspension be terminated by the regulator.

FINRA Public Disclosure confirms that Pico has been identified in two customer initiated investment related disputes concerning accusations of his misconduct during the time that he was employed by securities broker dealers including MML Investors Services LLC and LPL Financial. In particular, a customer initiated investment related complaint concerning Pico’s activities was settled to resolve accusations that when Pico was employed by MML Investors Services, the customer’s assets had been placed in unsuitable mutual funds by the stockbroker resulting in unwarranted losses.

Also, a customer filed an investment related complaint pertaining to Pico’s conduct on August 15, 2018 in which the customer requested $21,843.55 in damages supported by allegations that when Pico was employed by LPL Financial, the terms and conditions of a variable annuity including the penalties for withdrawals had not been reasonably explained when Pico sold the product. Pico’s registration with LPL Financial was terminated on December 1, 2017.