Alleged mismanagement of funds and failure to provide documentation to FINRA lead to Industry Bar
FINRA had questions for Robert Tricarico, Tricarico did not provide the information requested. And now Robert Tricarico is permanently barred from associating with any FINRA member in any capacity. That means he is barred from the securities industry forever.
To fill in the background, here are the details:
According to the FINRA BrokerCheck website, Robert Neil Tricarico entered the securities industry in March 1986. Since then he has been associated with different FINRA-member firms, most recently LPL Financial, LLC. Through the years, he had customers allege that he mismanaged their investments, he claimed bankruptcy, he had a $133,670.00 tax lien filed against him, and more recently, he was terminated from LPL Financial in December 2014 due to allegations of misappropriating client funds. In this case, the client alleged that assets were knowingly stolen and/or mismanaged and wasted by Tricarico and was granted $390,000.00 in damages. This final allegation, however, is not why FINRA permanently barred Tricarico.
Following his termination from LPL Financial, FINRA performed an investigation into whether Tricarico converted customer funds. FINRA requested that Tricarico provide documents and information, including his personal bank account records, on multiple occasions. While Tricarico and his lawyer partially responded, the responses were incomplete and as such, he violated FINRA rules, and that is why he has been permanently barred.
Why is this important to you? If you’re an investor who suffered financial losses at the hands of Robert Tricarico, or any other financial advisor, you may be eligible to recover your losses through securities arbitration. The key is to turn to the right securities fraud attorney with proven expertise in recovering lost funds.
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