Triad Advisors Faces $30 Million FINRA Complaint Over Alleged Supervisory Failures
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 [...]