Richard Allen Ceffalio Jr. (also known as Rich Ceffalio), of Arlington Heights, Illinois, a stockbroker registered with LPL Financial, is under a Financial Industry Regulatory Authority (FINRA) investigation as of October 2, 2024. FINRA reportedly issued a Wells Notice for potential violations of FINRA Rules 3240 and 2010. The allegations involve Ceffalio possibly borrowing from a customer and making misrepresentations in compliance questionnaires. The investigation is ongoing. Wells Notice Examination No. 20220746808.
Ceffalio is also the subject of a securities arbitration claim filed on May 28, 2024. The customer requested $3,530,379.93 in damages based upon allegations of forgery while Ceffalio was associated with LPL Financial. FINRA Arbitration No. 24-CV-04322.
FINRA Public Disclosure shows that Ceffalio has been referenced in four other customer initiated investment related disputes regarding his conduct with securities broker dealers, including LPL Financial and Wells Fargo Clearing Services LLC.
On May 31, 2024, a customer filed an investment related FINRA securities arbitration claim involving Ceffalio’s conduct, seeking damages based on allegations of unsuitable recommendations while Ceffalio was associated with Wells Fargo Clearing Services LLC. FINRA Arbitration No. 24-01188. Additionally, on July 21, 2023, a customer filed an investment related complaint alleging forgery and misinformation during the time that Ceffalio was associated with NewEdge Advisors, Wells Fargo Clearing Services LLC, and LPL Financial.
Ceffalio was discharged as a stockbroker by LPL Financial on May 31, 2024. The securities broker dealer alleged that he solicited a loan and submitted false trade corrections.
Ceffalio Jr. was associated with LPL Financial LLC from November 2019 to July 2024 and was previously associated with Wells Fargo Clearing Services LLC from November 2012 to December 2019.
