rfrankowski

A significant legal battle is unfolding as more than 70 investors have filed a FINRA complaint against Triad Advisors, alleging that the firm failed to supervise two former brokers who led them into unsuitable investments, resulting in over $30 million in losses. This case brings to light critical issues of accountability and oversight within the financial advisory industry, especially concerning vulnerable populations like retirees. At the heart of this complaint are James Walesa and Kenneth Luccioni, two brokers previously employed by Triad Advisors in Park Ridge, Illinois. The allegations against them include making unsuitable investment recommendations and engaging in practices that amount to common law fraud and gross negligence. BrokerCheck records reveal that Walesa’s settlements have totaled nearly $7 million, with five additional cases pending, while Luccioni’s settlements amount to $1.175 million. The magnitude of these settlements underscores the severe financial impact on the investors involved. One of the most striking aspects of this case is the demographic of the [...]

The recent allegations against financial advisor Raul Benitez have raised significant concerns within the securities industry. Benitez, formerly employed by Wells Fargo Clearing Services, LLC, is under scrutiny following at least six customer complaints and one termination for cause. The complaints, documented by The Financial Industry Regulatory Authority (FINRA), allege unsuitable investment recommendations and various other infractions, including common law fraud and gross negligence. One of the most pressing cases involves a complaint filed in January 2024, in which a customer accused Benitez of violating securities laws by making unsuitable investment recommendations and misrepresentations in September 2014 and March 2015. This claim, seeking $500,000 in damages, is currently pending. Another significant complaint from November 2023 also alleges unsuitable investment recommendations by Benitez, again seeking $500,000 in damages and currently pending resolution. These cases are not isolated incidents. In July 2021, a customer claimed that Benitez made an unsuitable investment recommendation in NorthStar, resulting in a settlement of $175,000, although the [...]