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California FINRA Lawyers Report: Former LPL Broker Guilty of Stealing

By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, May 23, 2017.

Erwin J. Shustak, Esq.
619.696.9500 ex. 109
[email protected]

A former LPL broker plead guilty to stealing $1.2 million from elderly clients by a Federal Court in Hartford Connecticut, which sentenced him to 41 months in prison and ordered him to pay full restitution to his victims.

Robert N. Tricarico, 60, most recently worked at LPL for 3 years and previously at Merrill Lynch where he began his illustrious career in 1992.  He was banned from the securities industry in 2015.

Tricarico acted as a financial advisor for wealthy elderly and infirm clients from January 2010 through June 2013. The Court determined he stole $1.1 million from one elderly victim by writing several checks to himself or for his benefit without the client’s knowledge or consent.  He also liquidated the victim’s coin collection and misappropriated checks payable to the victim.  In his guilty plea, he also admitted to defrauding 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.

 Shustak Reynolds & Partners, p.c. focuses in the areas of securities, financial services and complex business disputes. For more information, contact our managing partner, Erwin Shustak. More information is available at www.shufirm.com.

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