Robert N. Tricarico, Formerly of LPL Financial, Under Investigation After He Pled Guilty Misappropriating $1.2 Million from an Elderly Client
Posted: June 6th, 2017
Silver Law Group is investigating former LPL Financial LLC (CRD# 6413) broker Robert N. Tricarico (CRD# 1500863) after he pled guilty to one count of wire fraud against an elderly investor in a federal court in Connecticut.
According to Tricarico’s FINRA BrokerCheck, Tricarico pled guilty in June 2016 in a Hartford, Connecticut federal court to one count of wire fraud related to his misappropriation of more than $1.2 million from an elderly client.
According to court documents and statements made in court, from January 2010 to June 2013, Tricarico served as the financial advisor for an elderly investor who had significant assets. Tricarico misappropriated more than $1.1 million from the senior by writing numerous checks to himself or for his benefit without the victim’s authorization. Additionally, Tricarico liquidated the senior’s coin collection and cashed checks for himself that were made payable to the senior.
Tricarico also admitted to defrauding two other victims of $20,000 by misrepresenting that he would use the funds for a business venture. Tricarico, as with the misappropriated $1.2 million, used the victims’ funds for his own personal use.
In October 2016, a Hartford, Connecticut judge sentenced Tricarico to 41 months in federal prison for his actions. FINRA and the SEC followed up by barring Tricarico from association with any broker, dealer, investment adviser, municipal securities dealer and municipal advisor among other affiliations.
Since the wire fraud allegations surfaced, three customer disputes have settled for over $500,000.00, according to his FINRA BrokerCheck report.
LPL Financial employed Tricarico from May 2011 until it discharged him over the wire fraud allegations in December 2014. Tricarico was based out of the Westport, Connecticut LPL Financial branch. According to his detailed CRD report, Tricarico was affiliated or did business under the monikers RNT Wealth Management and Northstar Wealth Partners.
Our firm is dedicated to pursuing claims on behalf of aggrieved elderly investors and has an entire site devoted to the issue.
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If you have invested with Robert N. Tricarico and LPL Financial, RNT Wealth Management and/or Northstar Wealth Partners and have lost money doing so, you may be able to recover some or all of your losses. Our lawyers are experienced in recovering investor losses due to broker and brokerage firm misconduct through FINRA arbitration.
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