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About Richard Frankowski

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So far Richard Frankowski has created 573 blog entries.

If I Lose Money, Can I Sue My Stockbroker or Financial Advisor?

When you invest your hard-earned money, you probably do so because you want to protect yourself in the future. Whether you are planning for your retirement, for a major purchase (like a home), for your children’s educational opportunities or are simply investing for fun, the goal is to make money, not lose it. But what happens if you lose everything? Can you sue your financial advisor or your broker to recoup those losses? The short answer is “yes,” but only if those losses are the result of wrongful acts by your advisor, broker or investment firm. If the person you trusted with your money acts unethically, commits an act of securities fraud, or behaves in a negligent manner, you may be entitled to pursue damages through a lawsuit or through FINRA arbitration. Broker negligence, securities fraud and the loss of your investments Losing money in the stock market is not always a case of negligence or securities fraud; fluctuations in [...]

By |April 19th, 2017|FINRA, Fraud|
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Robert Tricarico Sentenced To 3.5 Years In Prison For Client Theft

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 [...]

By |April 13th, 2017|Fraud, FINRA, SEC|
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FINRA Arbitrators Explaining Expungement Decisions More Thoroughly

FINRA arbitrators are starting to explain expungement decisions more thoroughly, getting rid of some of the mystery associated with removing customer disputes from brokers' records. This can certainly be seen in recent awards. According to the Securities Arbitration Commentator, the number of explained decisions in cases where the parties reached a settlement has increased to twenty-two percent through the first quarter of 2017 from fifteen percent last year. "Arbitrators are feeling ... in stipulated proceedings that they owe a greater explanation as to why they're doing what they're doing," says editor of the Securities Arbitration Commentator Rick Ryder. "They are perhaps taking a view that a good explanation is a precedent. It helps the parties to have these explanations." Almost every brokerage contract has a mandatory arbitration clause. Customer complaints are resolved by a panel of three arbitrators, who either come from the industry or are public arbitrators. These arbitrators decide the cases, if they do not get settled [...]

By |April 11th, 2017|FINRA, Broker Check|
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What Does the Financial Industry Regulatory Authority Do, Exactly?

When an investor is the victim of securities fraud or negligence, he or she can bring a claim for damages against the broker, advisor or firm. Much of the time, the case will be heard in front of an arbitration panel; this is because many investors have contracts that stipulate arbitration or medication to resolve problems, as opposed to pursing litigation. Investors pursing damages through arbitration, then, will almost inevitably come into contact with the Financial Industry Regulatory Authority, or FINRA. FINRA is an independent, regulatory agency out in place to protect investors. They ensure that the more than 4,500 brokerage firms, 163,000 branch offices, and 630,000 registered securities agents under their oversight are doing what is best for investors by: Licensing and registering brokers and firms to sell securities Conducting audits on members and firms to ensure they are in compliance with FINRA regulations Investigating violations that have been or were alleged to have been committed Bringing disciplinary actions [...]

By |April 5th, 2017|FINRA|
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Disclaimer: Mr. Frankowski is licensed in Alabama,Florida and Texas. He is not licensed in any other state including Nevada and California. Mr. Frankowski has represented investors from all over the country in securities cases including: Alabama, California, Colorado, Florida, Georgia, Illinois, Kentucky, Louisiana, Mississippi, Nevada, New Mexico New York, North Carolina, Tennessee, Texas.