Former LPL broker sentenced to 3 1/2 years in prison for robbing elderly, infirmed client

Connecticut man raided his client's account in $1.2 million theft.
APR 12, 2017

A federal court in Hartford, Conn., has found a former broker guilty of stealing $1.2 million from a client and sentenced him to prison for 41 months and ordered him to pay restitution. Robert N. Tricarico, 60, who began his career as an adviser in 1992 with a 10-year stint at Merrill Lynch, was most recently with LPL, where he spent three years before being banned from the industry by Finra in April 2015. According to court documents and statements made in court, from January 2010 to June 2013, Mr. Tricarico acted as a financial adviser for an elderly and infirmed victim who had substantial assets, according to a report in the Westport (Conn.) Patch. Mr. Tricarico misappropriated more than $1.1 million from the victim by writing several checks to himself or for his benefit without the victim's authorization, according to the Securities and Exchange Commission, which also has banned him from the securities industry. Mr. Tricarico also liquidated the victim's coin collection and misappropriated checks made payable to the victim, using the stolen funds to make personal expenditures. In is guilty plea, Mr. Tricarico also admitted that he 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. Instead, he kept the money.

Latest News

Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale
Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale

RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.

Beyond wealth management: Why the future of advice is becoming more human
Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up
Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up

Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.

UBS loses $1.2 million arbitration claim linked to variable annuities and margin
UBS loses $1.2 million arbitration claim linked to variable annuities and margin

UBS has a history of costly litigation stemming from the sale of volatile investment products.

'We are monitoring the situation,' SEC says of private funds
'We are monitoring the situation,' SEC says of private funds

New director David Woodcock puts firms on notice over fees, conflicts, and liquidity risk as private credit shows signs of stress.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline