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Written by • April 7, 2025• 9:38 pm• Broker Investigations

Richard Ceffalio Jr.: Broker Investigation

Richard Ceffalio Jr.: Broker Investigation featured by top securities fraud attorneys, The White Law Group.
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Richard Ceffalio, Jr.: Lawsuit Investigation Update

Have you suffered investment losses with former LPL Financial advisor Richard Ceffalio Jr, (CRD#: 2619565) The White Law Group is investigating potential lawsuits involving LPL Financial and the liability it may have for failure to supervise.

According to his broker report, Richard Ceffalio Jr, (CRD#: 2619565) formerly of LPL Financial, reportedly has five customer complaints pending against him since 2023.

Allegations of Broker Misconduct

Richard Ceffalio reportedly faces multiple customer lawsuits and was allegedly discharged from LPL Financial LLC following allegations of misconduct.

  • Customer Complaints (2012–2023): Clients alleged that Ceffalio mismanaged their accounts with unsuitable investment recommendations and misrepresented account values.
  • May 28, 2024: A customer alleged that in March 2022, Ceffalio forged their signatures on a line of credit agreement and misappropriated $3,530,379.93.
  • July 21, 2023: Clients reportedly complained of misleading information about annuities, which led to overspending. On May 21, 2024, their attorney claimed Ceffalio was “caught forging documents.”
  • Employment Separation (May 31, 2024): LPL Financial discharged Ceffalio for allegedly soliciting a loan from a customer without firm approval and purportedly submitting trade corrections with inaccurate justifications.

Richard Ceffalio Jr.  – FINRA Broker Check

The FINRA BrokerCheck tool is a free online tool that allows investors to research and verify the background and credentials of financial brokers, brokerage firms, and investment advisors registered with FINRA.

According to his broker report, Richard Ceffalio Jr. was reportedly registered with the following firms during his career in the securities industry. He is not currently registered as a broker.

11/15/2019 – 07/01/2024 LPL FINANCIAL LLC (CRD#:6413) ARLINGTON HEIGHTS, IL
11/02/2012 – 12/06/2019 WELLS FARGO CLEARING SERVICES, LLC (CRD#:19616)ARLINGTON HEIGHTS, IL
10/03/2008 – 11/12/2012 UBS FINANCIAL SERVICES INC. (CRD#:8174) NORTHBROOK, IL

Broker Due Diligence

Under the “Regulation best interest” standard, broker-dealers are obligated to perform due diligence when evaluating any investment.  If your financial advisor fails to evaluate an investment before recommending it to you, they could be held liable for investment losses.

If your advisor unsuitably recommended any investment and you lost money, the securities attorneys at The White Law Group may be able to help you. You may be able to recover losses by filing a FINRA Arbitration claim against the brokerage firm that sold you the investment.

Class Action vs. Individual FINRA Arbitration Lawsuit

You may wonder whether a large class action lawsuit is a better litigation option  than an individual FINRA arbitration case.  The answer depends on many factors, but typically if the loss sustained is large (say larger than $100,000), an individual arbitration claim is likely a better option.  Class action lawsuits as a recovery option are more appropriate for grouping large numbers of individuals who have small claims – too small to generally pursue individually.

Frequently Asked Questions (FAQ)

1. What are the allegations against Richard Ceffalio Jr.?
Richard Ceffalio Jr., formerly with LPL Financial, reportedly faces multiple customer complaints involving allegations of unsuitable investment recommendations, misrepresentation of account values, forgery, and misappropriation of client funds. He was discharged from LPL Financial in May 2024 for allegedly soliciting an unauthorized loan from a client and submitting inaccurate trade corrections.

2. Can I recover losses if I invested with Richard Ceffalio Jr.?
Possibly. If you suffered financial losses due to alleged misconduct by Ceffalio, you may be eligible to recover damages through a FINRA arbitration claim against LPL Financial, the firm responsible for supervising him. Contacting a securities attorney is the first step in evaluating your potential case.

3. Is a class action lawsuit the best way to recover my investment losses?
It depends. If your individual loss exceeds $100,000, a FINRA arbitration case may be a better and faster option than participating in a class action. Class actions are generally used when many investors have small, similar claims that aren’t feasible to pursue individually.

Richard Ceffalio Jr. FINRA Lawsuits

If you have suffered investment losses with Richard Ceffalio Jr. and LPL Financial the securities attorneys at the White Law Group may be able to help you by filing a FINRA lawsuit. Please call our offices at (888) 637-5510 for a free consultation. We take cases in all 50 states including Illinois. 

National Securities Attorneys

The White Law Group, LLC is a national law firm in securities fraud, securities arbitration, investor protection, and securities regulation and compliance. With offices in Chicago, Illinois and Seattle, Washington, the firm is dedicated to assisting investors across all 50 states with claims against their brokerage firms. Since its founding in 2010, The White Law Group has handled over 800 FINRA arbitration cases.

Last modified: May 6, 2025
← StHealth Capital Investment Corp. BDC Securities Investigation Investigating Potential Claims involving StHealth Capital Investment Corp. The White Law Group is investigating potential securities claims involving broker dealers who may have improperly recommended StHealth Capital Investment Corp. to investors. If you are concerned about this investment, the securities attorneys of The White Law Group may be able to help you. StHealth Capital Investment Corporation (formerly known as First Capital Investment Corp.) seeks to invests in private U.S. small- and middle-market companies. The BDC invested approximately $9.6 million in nine portfolio companies, as of September 2019. From February to November 2019, the company issued 3 million shares of its common stock and received gross proceeds of approximately $5.7 million for an average share price of $1.88. Risks of Investing in STHealth Capital Investment Corp. According to its prospectus, there is a very long list risk factors for investing in this particular Business Development Company (BDC). Here are just a few: The Advisor has no prior experience managing a BDC or a RIC. The Company’s shares will not be listed on an exchange or quoted through a quotation system for the foreseeable future, if ever. Therefore, if Shareholders purchase shares in securities or share offerings by the Company, it is unlikely that they will be able to sell them and, if they are able to do so, it is unlikely that they will receive a full return of their invested capital. The Company is not obligated to complete a liquidity event by a specified date; therefore, it will be difficult for an investor to sell his or her shares. The net asset value of the Company’s common stock may fluctuate significantly. The Company has a limited operating history. An investor may not have the opportunity to evaluate historical data or assess investments prior to purchasing its shares. The Company may be unable to invest a significant portion of the net proceeds of its offering on acceptable terms in an acceptable timeframe. The Company may pay distributions from offering proceeds, borrowings or the sale of assets to the extent its cash flows from operations, net investment income or earnings are not sufficient to fund declared distributions. A Shareholder’s interest in the Company will be diluted if it issues additional shares, which could reduce the overall value of an investment in the Company. Risks of investing in Business Development Companies (BDCs). BDCs were created by the U.S. Congress to stimulate investments in privately owned American companies that may have limited access to debt and equity capital. Non-traded BDCs offer retail investors access to private debt, an asset that typically has only been available to high-net-worth and institutional investors. By investing in a non-traded BDC, individuals are able to pool their capital to invest in private American companies. For more information on BDCs, please see: BDCs – the good, the bad, and the UGLY Business Development Companies operate much in the same was as REITs (Real Estate Investment Trusts) with non-traded BDCs having many of the same problems for investors as non-traded REITs – like high-risk, high commissions, and lack of liquidity. BDC Sales & Performance took a Dive in 2020 Unfortunately for investors, sales of nontraded BDCs hit new lows in 2020 and also had poor performance due to COVID-19’s negative effect on returns, according to a report by Robert a Stanger & Co. Broker-dealers reportedly sold just $362.3 million in nontraded BDCs last year, the least since 2010, which was the year after the first product was launched, according to Robert A. Stanger & Co. Inc. Broker-dealers have sold more than $22.6 billion of nontraded BDCs since 2009. The brokers or advisors usually charge a 7% commission and the firm 1%, which translates into a total of $1.8 billion in commissions over that time, according to Investment News. Many of these non-traded BDCs were promised to provide steady growth, and invulnerability from volatile markets, which has not happened. According to the Wall Street Journal, FINRA’s Vice President for Corporate Financing has said these products are an “ongoing concern” for the regulator and that “firms must ensure they are suitable for an investor’s risk profile and investment strategy.” Brokerage firms are required to perform adequate due diligence on any investment they recommend and to ensure that all recommendations are suitable for the investor in light of that particular investor’s age, investment experience, net worth, risk tolerance, investment objectives, and income. Firms that fail to perform adequate due diligence or that make unsuitable recommendations can be held responsible for investment losses in a FINRA arbitration claim. Potential Lawsuits to Recover Financial Losses If you are concerned about an investment in StHealth Capital Investment Corp. and would like to discuss your litigation options, please call the securities attorneys of The White Law Group at 888-637-5510 for a consultation. The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois. The firm represents investors in FINRA arbitration claims throughout the country. For more information on the firm, visit https://whitesecuritieslaw.com. » StHealth Capital Investment Corp. BDC attorney, StHealth Capital Investment Corp. BDC current value, StHealth Capital Investment Corp. BDC distributions, StHealth Capital Investment Corp. BDC dividends, StHealth Capital Investment Corp. BDC investigation, StHealth Capital Investment Corp. BDC investor relations, StHealth Capital Investment Corp. BDC lawsuit, StHealth Capital Investment Corp. BDC lawyer, StHealth Capital Investment Corp. BDC litigation, StHealth Capital Investment Corp. BDC redemptions, StHealth Capital Investment Corp. BDC risks,StHealth Capital Investment Corp. BDC secondary market, StHealth Capital Investment Corp. BDC share price , First Capital Investment Corp. 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