Firms Must Pay Close Attention to Brokers with History of Financial Problems

Robert N. Tricarico was recently accused by FINRA of failing to provide documents and information requested in connection with its investigation earlier this year. Tricarico was a broker at LPL Financial from May 2011 to December 2014. LPL fired Tricarico on December 16, 2014 following allegations that Tricarico misappropriated client funds.

Tricarico’s FINRA Report reflects that he had several financial disclosures prior to this alleged misconduct. He reported to FINRA that he filed Chapter 7 Bankruptcy in 2010 and had IRS and credit card liens in 2009 and 2013. Disclosures like these are red flags that should cause any firm to supervise their broker more carefully.

There is a high correlation between brokers with financial difficulties and those who engage in illegal sales activities, Ponzi schemes, or theft. Brokerage firms must be aware of their representatives’ financial problems and take affirmative steps to detect and deter illegal conduct. If they do not take reasonable steps, they can be held liable to victims who lose money as a result of the misconduct.

If you or someone you know lost money and you believe those losses were caused by investment fraud or misconduct, we invite you to contact a securities fraud lawyer at Meyer Wilson today for a free review of your case.


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