After FINRA barred former LPL Financial broker Robert Neil Tricarico for failing to cooperate with an investigation, Tricarico pled guilty in federal court to one count of wire fraud and received a three-and-a-half year prison sentence as a result. The US District Court also ordered restitution in the amount of $1.2 million.
Following this conviction, the SEC barred Tricarico and prohibited his participation in any future penny stock offering.
SEC Proceeding #3-17922
According to the record, Tricarico admitted that while acting as a financial adviser for an elderly client who required extensive medical attention, he wrote or caused several checks to be written from his client's bank account to himself or another Tricarico family member totaling $1.15 million.
The report also stated that Tricarico admitted writing or causing the drafting of additional checks totaling $59,660 out of the elderly client's bank account to pay for rent and a security deposit for Tricarico's home.
Tricarico admitted to misappropriating additional funds by depositing a series of checks payable to the infirmed elderly client into an account that Tricarico owned or controlled, including an arrangement for John Hancock Life Insurance to wire $20,000 from its account out of an annuity held by the elderly client to the client's bank account, whereupon Tricario diverted the funds for his own benefit.
Tricarico also admitted to pawning coins belonging to his elderly client and depositing a total of $17,443.12 as a result of the unauthorized liquidation.
Finally, Tricarico admitted to borrowing $20,000 from a different elderly client for the portrayed purpose of starting another financial business, but instead of using the funds as promised, Tricarico used the funds for his own benefit and did not invest them in the business venture.
If you have invested with former LPL Financial rep Robert Neil Tricarico, or with any broker or financial adviser whose misappropriation of funds, misrepresentations, or fraudulent activity has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.