Stockbroker fraud lawyers at Meyer Wilson are currently looking into claims involving Michael T. Lombardo stealing money from clients and making unsuitable recommendations.
Michael Thomas Lombardo (CRD# 4091665) was a broker at David Lerner Associates' Westport, Connecticut office from September 2002 until March 2014. In September 2014, he pled guilty to one count of wire fraud (United States v. Lombardo) and also admitted to defrauding more than 20 of his David Lerner clients, stealing more than $190,000 of their money for his own use. In response, the SEC permanently disbarred Lombardo from practicing securities (Read the SEC order against Lombardo).
According to FINRA,
“Lombardo consented to the sanction and to the entry of findings that he misappropriated funds from a customer of his member firm by forging the customer’s signature on an IRA distribution request form. The findings stated that Lombardo took delivery of the IRA disbursement check, forged the customer’s signature on the check and converted the funds to his own use. Lombardo also converted additional funds from other firm customers.”
It also revealed some other disclosure events in Lombardo's history as a registered broker. In December 2012, while working for David Lerner, Lombardo was accused of unsuitability involving real estate securities. The case was settled in September 2013 for $35,000. In 2008, also while Lombardo was at David Lerner, he was accused of mutual fund misrepresentation and unsuitability.
Was Michael Thomas Lombardo your broker? If you lost a substantial amount of money on your investments due to Lombardo's alleged misconduct, contact an investment fraud attorney at Meyer Wilson to evaluate any potential claims. Our firm helps defrauded investors recover their losses, and last year alone, we were able to recover more than $29 million for our clients in investor claims and class actions. Contact us today for a free review of your case.