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Former LPL Financial (Fresno) Broker Todd Pilosi Punished for Borrowing Money From Client

FINRA fined and suspended Todd Joseph Pilosi, formerly of RBC Capital Markets and LPL Financial's Fresno, CA branches for borrowing a total of $150,000 from a customer of his.

AWC #2016051455601

The report states that Pilosi (CRD #2257310) borrowed the funds in contravention of RBC Capital policy, and without documenting the loans—there were no set terms, and, to date, Pilosi has not repaid the loans.

After his customer filed a civil complaint in California state court seeking collection on the loans, Pilosi—who had since moved from RBC Capital to LPL Financial—disclosed to his new firm for the first time that he had borrowed funds from the customer.

LPL terminated Pilosi's registration on October 10, 2016, for borrowing money from an RBC customer.

A related complaint in Pilosi's BrokerCheck file indicates a $155,000 settlement to cover unpaid loans. The client had alleged breach of oral contract, fraud, breach of fiduciary duty, conversion, and negligent failure to supervise.

If you have invested with Todd Joseph Pilosi, formerly of Fresno, CA's RBC Capital Markets and LPL Financial branches, or with any broker or financial adviser whose improper borrowing, loans, or promissory note issuance in contravention of firm policies that prohibit brokers borrowing money from their clients has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

Categories: Discipline, FINRA, Loan, LPL, Compliance
The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
Located at 12711 Ventura Boulevard, Suite #440 Studio City, CA 91604. View Map
Phone: (800) 699-1881 | Local Phone: (818) 760-9880.