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Written by 4:58 pm Current Investigations, Securities Fraud Articles

Investor Alert: Former LPL Advisor Sentenced to Federal Prison

Former Financial adviser Robert Tricarico has been sentenced in federal court to more than three years in jail, followed by three years of supervised release, Deirdre Daly, the U.S. Attorney in Connecticut, said in a statement.

Tricario, a former LPL, Wells Fargo FiNet and Merrill Lynch adviser was charged with stealing more than $1.1 million from an elderly client, along with her coin collection.

While advising an elderly and infirm client from January 2010 to June 2013 and working for LPL in Westport, Connecticut, Tricarico misappropriated more than $1.1 million by writing numerous checks to himself or for his benefit without the client’s authorization, according to authorities.

Tricarico also allegedly liquidated the victim’s coin collection and misappropriated checks made payable to the victim, using the stolen money for personal expenditures, authorities said.

According to FINRA, Robert Tricarico worked for five firms and had 16 FINRA disclosures over 20 years, including two regulatory actions, one civil case, three customer disputes that involved FINRA, one firm termination, two financial actions and two liens or judgments.

The former adviser also defrauded two additional victims of $20,000 by falsely representing to them that he would use their investments for a business venture and guaranteed a rate of return, according to the prosecutor. In fact, Tricarico used the victims’ funds for his own purchases.

In June, Tricarico pleaded guilty to one count of wire fraud. At his sentencing, U.S. District Judge Michael Shea ordered Tricarico to pay more than $1.2 million in restitution.

According  to FINRA BrokerCheck, Tricarico worked as an LPL adviser from June 2011 until he was terminated in January 2015. He was also barred from the securities industry by FINRA in 2015.

If you suffered losses investing with Robert Tricarico, the attorneys at The White Law Group may be able to help. For a free consultation, please call (888) 637-5510.

The foregoing information, is being provided by The White Law Group. The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee. For more information on the firm and it’s representation of investors, visit www.whitesecuritieslaw.com

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