Robert Tricarico, a former LPL broker, pleaded guilty to stealing $1.2 million from a client by a federal court in Hartford, Connecticut and was sentenced to forty-one (41) months in jail. The Court also ordered him to pay restitution.
Tricarico started his career as a broker in 1992 and spent ten years with Merrill Lynch. He was most recently registered with LPL. He worked for LPL for three years prior to being barred from the industry by FINRA in April 2015.
According to document filed with the Court and in-person testimony, between January 2010 and June 2013, Robert Tricarico was a financial advisor for an elderly and infirmed victim who had substantial assets. He allegedly took over $1.1 million from the client by writing a number of checks to himself or for his benefit without the client’s permission, according to the SEC, who has also barred him from the industry.
Additionally, Tricarico liquidated the client’s coin collection and took checks made payable to the client in order to pay for personal expenses. In his guilty plea, Tricarico further admitted he defrauded two more clients out of $20,ooo by misrepresenting that he would use their money for a business venture and guaranteed a rate of return, which he never did and rather kept the money.
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