Louis Anthony Telerico of Dayton, Ohio, a stockbroker formerly registered with Westminster Financial Securities, Inc. has been named in a customer initiated investment related arbitration claim, in which the customer requested $426,000.00 in damages based upon allegations that Telerico executed art and land based transactions that led the customer to sustain losses. FINRA Arbitration No. 17-00988 (Apr. 20, 2017).
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Telerico is the subject of thirteen more customer initiated investment related disputes concerning instances of Telerico’s misconduct during the time he was registered with Stifel Nicolaus and Company, Incorporated, and Merrill Lynch, Pierce, Fenner & Smith Incorporated. Specifically, on August 2, 1999, a customer filed an investment related written complaint involving Telerico’s conduct, alleging that Telerico churned and mishandled the customer’s equity investment portfolio.
Then, on April 26, 2000, a customer filed an investment related complaint regarding Telerico’s activities, where the customer sought $30,000.00 in damages founded on accusations that Telerico effected unauthorized margin based equity transactions in the customer’s account. On November 22, 2000, another customer filed an investment related written complaint regarding Telerico’s activities, in which the customer requested $560,000.00 in damages based upon allegations that Telerico failed to follow the customer’s instructions with respect to the liquidation of derivatives investments.
Subsequently, a customer was awarded $300,000.00 in damages according to an investment related arbitration claim regarding Telerico’s conduct, based upon findings that Telerico breached his contractual duties, effected trades on an excessive basis, breached his fiduciary duties, and negligently managed the customer’s holding company depositary receipts investments. NASD Arbitration No. 01-05536 (Sept. 19, 2003). Merrill Lynch was found liable for failing to supervise Telerico’s activities.
Additionally, a customer initiated investment related arbitration claim regarding Telerico’s activities was resolved for $65,000.00 in damages based upon allegations that Telerico effected unsuitable equities transactions in the customer’s account that failed to conform to the customer’s financial plan. National Association of Securities Dealers (NASD) Arbitration No. 01-02610 (Nov. 23, 2005). Another customer initiated investment related arbitration claim regarding Telerico’s activities was resolved for $182,000.00 in damages based upon allegations that Telerico made unsuitable investment recommendations to the customer and placed excessive trades in the customer’s account involving over-the-counter equities and mutual funds. NASD Arbitration No. 02-02394 (July 18, 2006).
Furthermore, a customer initiated investment related arbitration claim pertaining to Telerico’s conduct was resolved for $85,000.00 in damages based upon allegations of excessive trading and the implementation of an investment strategy that was not suitable for the customer. FINRA Arbitration No. 10-01944 (June 30. 2010). Moreover, on November 20, 2013, a customer filed an investment related written complaint involving Telerico’s conduct, alleging that variable annuities purchased by the customer were misrepresented.
Telerico’s registration with Westminster Financial Securities, Inc. was terminated on June 6, 2016.
Guiliano Law Group
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