Robert Neil Tricarico, of Westport, Connecticut, a stockbroker formerly registered with LPL Financial, LLC, has been permanently barred by the Securities and Exchange Commission (SEC) from working as an investment adviser or stockbroker, or associating with any investment adviser or brokerage firm according to an Order Instituting Administrative Proceedings pursuant to Securities Exchange Act of 1934 Section 15(b) as well as Investment Advisers Act of 1940 Section 203(f), wherein the Order contained findings that Tricarico misappropriated an investor’s funds. In the Matter of Robert N. Tricarico, No. 3-17922 (Apr. 10, 2017).
According to the Order, Tricarico provided financial advice to a disabled and elderly investor, EA, and was authorized to assist the customer in addressing the customer’s financial and medical obligations. Apparently, between January of 2010 and December of 2012, Tricarico arranged for checks from EA’s account totaling $1,152,850.00 to be written out to Tricarico or an individual Tricarico was related to. Tricarico also reportedly utilized $59,660.00 held in EA’s banking accounts to pay rent for a house which Tricarico owned; liquidated the customer’s coin collection worth $17,443.12; and effected the unauthorized transfer of $20,000.00 from EA’s annuity issued by John Hancock, where the customer’s monies were utilized by Tricarico for personal gain.
The Order stated that seven checks were written from EA’s accounts and deposited into Tricarico’s accounts between January and June of 2013, wherein Tricarico misappropriated nearly all of the customer’s funds. Evidently, the customer was never contacted by Tricarico regarding his activities, and permission was never granted from the customer to Tricarico authorizing the transactions. The Order stated that Tricarico’s conduct ultimately led the customer to suffer $1,220,763.90 in investment losses.
Moreover, the Order stated that two additional victims, DF and KF, handed $20,000.00 to Tricarico via a loan arrangement consummated in 2015, in which Tricarico claimed that the purpose of funds was to fund a financial entity. Tricarico evidently utilized DF’s and KF’s monies for his personal gain rather than for the purpose he communicated to customers.
The SEC’s Order barring Tricarico from the securities industry came by way of Tricarico’s confession to having committed wire fraud; conduct violative of 18 U.S.C. § 1343. United States v. Tricarico, 3:16-CR-001119-MPS (June 16, 2016). In October 5, 2016, Tricarico was sentenced to more than four years in prison for his criminal activities.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Tricarico has been named in six customer initiated investment related disputes regarding allegations of his misconduct while he was associated with Merrill Lynch, Pierce, Fenner & Smith, Inc., Citigroup Global Markets Inc., Wells Fargo Financial Network, and LPL Financial LLC. Specifically, on March 10, 2015, a customer initiated investment related civil action involving Tricarico’s conduct was settled for $390,000.00 in damages, based upon allegations that Tricarico mishandled the customer’s investment portfolio and misappropriated the customer’s funds.
Subsequently, on November 4, 2015, a customer initiated investment related complaint regarding Tricarico’s activities was resolved for $140,375.47 in damages based upon allegations that Tricarico effected indexed annuity purchases that were unsuitable and misrepresented to the customer. Moreover, on September 24, 2015, a customer initiated investment related written complaint involving Tricarico’s conduct was settled for $15,264.44 in damages based upon allegations that Tricarico omitted information from the customer concerning surrender penalties and other terms associated with the customer’s four annuity contracts.
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