According to recent public records, Robert Tricarico, a former investment advisor with LPL Financial in Westport, Connecticut, was sentenced to more than three years in jail by a federal court. Tricarico was charged with stealing more than $1.1 million from an elderly client, along with her coin collection. Tricarico allegedly misappropriated more than $1.1 million of the client’s money by writing numerous checks to himself without the client’s authorization. He also allegedly liquidated the client’s coin collection and misappropriated checks made payable to the victim, using the stolen money to pay for things for himself. Previously, he also allegedly defrauded two additional victims out of $20,000 by falsely representing to them that he would use their investments for a business venture and guaranteed a rate of return. Instead, he used that money for his own purposes.
Tricarico was registered with First Associated Financial Group from May 1986 until February 1987, Merrill Lynch in New York, New York from October 1992 until June 2003, Citigroup Global Markets in Westport, Connecticut from June 2003 until April 2009, Wells Fargo Advisors in Westport from March 2009 until May 2011 and LPL Financial in Westport from May 2011 until January 2015. He has six customer disputes against him, one of which is currently pending. He has one criminal pending charge against him, as well. He is not licensed within the industry and has been permanently barred from the industry.
If you would like to discuss possible legal action against LPL Financial with one of our attorneys, please call our Chicago-based law offices today for a free consultation. There is no obligation. LPL may be responsible for money losses because the firm had a duty to reasonably supervise Robert Tricarico, and, because it did not, may be liable. 312-332-4200.