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

Integrated Partners, Kestra welcome multigenerational advisor teams
Integrated Partners, Kestra welcome multigenerational advisor teams

Integrated Partners is adding a mother-son tandem to its network in Missouri as Kestra onboards a father-son advisor duo from UBS.

Trump not planning to fire Powell, market tension eases
Trump not planning to fire Powell, market tension eases

Futures indicate stocks will build on Tuesday's rally.

From stocks and economy to their own finances, consumers are getting gloomier
From stocks and economy to their own finances, consumers are getting gloomier

Cost of living still tops concerns about negative impacts on personal finances

Women share investing strengths, asset preferences in new study
Women share investing strengths, asset preferences in new study

Financial advisors remain vital allies even as DIY investing grows

Trump vows to 'be nice' to China, slash tariffs
Trump vows to 'be nice' to China, slash tariffs

A trade deal would mean significant cut in tariffs but 'it wont be zero'.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.