Louis Anthony Telerico of Dayton Ohio a stockbroker formerly registered with Westminster Financial Securities Inc. is referenced in a customer initiated investment related arbitration claim in which the customer requested $468,249.17 in damages founded on accusations that (1) unfounded statements and omissions had been made by Telerico concerning investments (2) trades failed to be suitable for the customer and (3) Westminster Financial Services failed to supervise Telerico’s activities in the customer’s account. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-01742 (June 25, 2019).
FINRA Public Disclosure reveals that Telerico is referenced in sixteen additional customer initiated investment related disputes containing allegations of his violative conduct while employed with securities broker dealers including Stifel Nicolaus Co. Inc., Merrill Lynch Pierce Fenner Smith Inc. and Westminster Financial Services Inc. In fact, a customer initiated investment related arbitration claim pertaining to Telerico’s activities was settled for $65,000.00 based upon allegations that when Telerico was associated with Merrill Lynch, the customer’s assets were not invested in line with the recommendations Telerico made; and equities placed in the customer’s account were not suitable for the customer. Telerico has also been named in a customer initiated investment related arbitration claim in which he was ordered to pay $300,000.00 in compensatory damages based upon Telerico being found liable on the customer’s claims which included breach of contract; excessive trading; negligence; and breach of fiduciary duty in regard to the customer’s investments in Holding Company Depository Receipts.
Another customer initiated investment related arbitration claim involving Telerico’s conduct was resolved for $182,000.00 in damages based upon allegations of excessive equities and mutual fund trades in the customer’s account when Telerico was associated with Merrill Lynch; and Telerico’s bad investment recommendations causing the customer to invest in securities which generated unwarranted losses. An additional customer initiated investment related arbitration claim regarding Telerico’s conduct was resolved for $85,000.00 in damages supported by accusations that when Telerico was associated with Stifel Nicolaus, trades were executed in the customer’s account in excessive amounts and without any authorization; and transactions were unsuitable for the customer.
Also, a customer filed an investment related arbitration claim involving Telerico’s activities where the customer sought $426,000.00 in damages based upon allegations that when Telerico was employed by Westminster, he effected transactions which produced unwarranted losses for the customer. FINRA Arbitration No. 17-00988 (Apr. 20, 2017). Telerico is additionally subject of an investment related civil action brought in the United States District Court for the District of Nevada in which the customer requested $275,000.00 in damages founded on accusations against Telerico of breach of contract. Civil Action No. 2:18-cv-01434 (Aug. 3, 2018).
Telerico’s registration with Westminster Financial Securities was terminated on June 6, 2016.
