Vernon Litigation and Attorney Kristian Kraszewski filed a multi-million dollar FINRA arbitration claim today. The claim was filed against LPL Financial, LLC and Wells Fargo Clearing Services, LLC and alleges that Chicago based registered representative Richard Allen Ceffalio Jr. (CRD#2619565) was not properly supervised and, as a result, engaged in wrongdoing that caused millions of dollars in damages. According to the claim, the activity of Ceffalio included inappropriate options trading, overconcentrated stock positions, and inappropriate movement of money between accounts.
Ceffalio, who was not personally named in the complaint, has been (and continues to be) dual registered with LPL Financial and New Edge Advisors since 2019 and was formerly registered with Wells Fargo. At the time he left Wells Fargo, Ceffalio was under internal investigation by Wells Fargo in connection with the use of unapproved communication devices.
According to Chris Vernon of Vernon Litigation Group, these types of cases typically involve two components. First, they often involve a financial advisor with a good personality, who cultivates the trust of key clients through a close personal relationship. And, second, involves a failed system of compliance and supervision at the financial firm where the financial advisor is registered. These two components can then combine to allow an ongoing and unchecked abuse of trust by the Financial Advisor.
If you, or one of your friends or family members have suffered significant financial damage due to the actions of Richard Ceffalio or any other financial professional, Vernon Litigation recommends that you speak confidentially for no charge with one of its securities attorneys to discuss your rights.
Vernon Litigation Group is a nationally recognized law firm, based in Naples, Florida, that has been successfully representing investors throughout the United States for decades and can be reached via phone 1-877-649-5394, e-mail at info@vernonlitigation.com, or by visiting the Vernon Litigation Group online at https://www.vernonlitigation.com/.