On May 31, 2024, LPL Financial LLC terminated broker Richard Allen Ceffalio Jr after Vernon Litigation and Attorney Kristian Kraszewski filed a FINRA arbitration claim that alleged that Richard Allen Ceffalio Jr. (CRD#2619565) mismanaged client accounts causing millions of dollars in damages trading options and concentrated stock positions. In addition, Ceffalio moved money in, out, and between client accounts without authorization. There is at least one other customer arbitration filed claiming that Ceffalio made unsuitable investment recommendations causing substantial losses.
According to Ceffalio’s FINRA Brokercheck report, the reason for his termination was that Ceffalio
“Solicited loan from customer without notice to and approval from Firm. Submitted trade corrections containing inaccurate basis for trade correction”.
https://brokercheck.finra.org/individual/summary/2619565
Ceffalio, who was not named in the complaint, had worked for LPL Financial since November 2019. Ceffalio previously worked for Wells Fargo from 2012 to 2019. At the end of his employment at Wells Fargo, Ceffalio was under investigation for using unapproved communication devices.
If you, or one of your family members or friends have suffered losses investing with Ceffalio, please contact one of our securities lawyers to discuss your rights by phone at 1-877-649-5394 or by e-mail at info@vernonlitigation.com. You can visit our website at http://www.vernonlitigation.com.