Cynthia Ann Giovacchino of Ansonia Connecticut a stockbroker formerly registered with LPL Financial LLC has been referenced in a customer initiated investment related complaint which was resolved on April 20, 2020 for $63,713.96 in damages supported by allegations that the customer had been sold unsuitable real estate investment trusts by Giovacchino.
According to the complaint, the customer was steered by Giovacchino towards investments that were not suitable. Inaccurate information concerning the customer’s net worth had allegedly been placed on the documents used to facilitate the purchase of the REIT following the point in which the customer signed the documents. The complaint also alleges that the customer had not been apprised of risks relating to the real estate security products.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Giovacchino has been identified in two additional customer initiated investment related disputes concerning allegations of her violative conduct while she was associated with LPL Financial. On June 5, 2018, a customer filed an investment related complaint concerning Giovacchino’s activities where the customer sought $35,000.00 in damages founded on allegations that the customer had not been notified about the lack of liquidity pertaining to alternative investments. According to the claim, the LPL Financial customer was provided with poor investment advice concerning a real estate security.
Giovacchino is also the subject of a customer initiated investment related complaint which was settled on April 20, 2020 for $35,693.00 in damages based upon allegations that the recommendation to liquidate a variable annuity and to buy a real estate investment trust had failed to be appropriate for the customer. The complaint indicates that investment risks were unreasonably concealed and that the customer’s financial information was misstated on account documents after the customer already signed it.
Giovacchino has been registered with LPL Financial as a stockbroker since October 11, 2011 and as an investment adviser representative since November 19, 2013.