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

The power of cultivating personal connections
The power of cultivating personal connections

Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.

A variety of succession options
A variety of succession options

Whichever path you go down, act now while you're still in control.

'I’ll never recommend bitcoin,' advisor insists
'I’ll never recommend bitcoin,' advisor insists

Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.

LPL raises target for advisors’ bonuses for first time in a decade
LPL raises target for advisors’ bonuses for first time in a decade

“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.

What do older Americans have to say about long-term care?
What do older Americans have to say about long-term care?

Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.

SPONSORED The future of prospecting: Say goodbye to cold calls and hello to smart connections

Streamline your outreach with Aidentified's AI-driven solutions

SPONSORED A bumpy start to autumn but more positives ahead

This season’s market volatility: Positioning for rate relief, income growth and the AI rebound