Request an
Evaluation

Who is
Richard Ceffalio?

Richard Allen Ceffalio Jr, a former financial advisor affiliated with firms including LPL Financial, Wells Fargo, and NewEdge Advisors, is currently under investigation by FINRA and facing multiple pending customer complaints and arbitration claims. Allegations against him include forgery, misappropriation of funds, unsuitable investment recommendations, and misleading clients about account values. 

In May 2024, he was terminated from LPL Financial following accusations of soliciting an unauthorized client loan and falsifying trade records. The ongoing regulatory scrutiny and arbitration proceedings raise serious concerns about his conduct and potential financial harm to investors. Below is a comprehensive breakdown of the active cases, regulatory actions, and past client complaints detailing the scope and severity of the allegations against Mr. Ceffalio.

Richard Ceffalio

JuLY 1, 2025

Customer Dispute - FINRA

$ 0
  • Claims include unsuitable investments that did not align with the customer’s investment objectives or risk tolerance.

June 3, 2024

FINRA Arbitration by Vernon Litigation Group

Multi-Million Estimate

  • Claims include failure to supervise; overly concentrated stock positions; inappropriate options trades; improper fund transfers. 
  • Filed against LPL Financial, LLC and Wells Fargo Clearing Services, LLC. Ceffalio is implicated, though not a named defendant.

May 28, 2024

Forgery & misappropriation Claim

$ 0
  • Investors allege that Ceffalio forged signatures on a March 2022 line of credit agreement and redirected funds out of their control. 
  • They’re seeking $3,530,379.93 in damages.
  • Filed with FINRA arbitration (No. 24CV04322).

May 31, 2024

Unsuitable Investment Advice Claim

Undisclosed

  • Allegations include recommending unsuitable products, misrepresenting account values, and causing losses. 
  • Filed in a FINRA securities arbitration as well.

September 23, 2023

Misrepresentation and Unsuitability Claim

Undisclosed

  • Investors allege misrepresentation of account values and unsuitability over 2012–2023. 
  • These remain pending arbitration complaints.

July 21, 2023

Forgery & Misinformation Complaint

Undisclosed

  • Investors alleged Ceffalio forged documents (including annuity paperwork) and gave misleading info, resulting in overspending. 
  • Filed as a customer complaint/arbitration.

May 2024

Employment Termination

LPL Financial

LPL Financial discharged Ceffalio on May 31, 2024: 

  • For soliciting a loan from a client without approval. 
  • Submitting trade corrections with misleading basis. 
  • The move triggered FINRA and U5 disclosures.

October 2, 2024

FINRA Investigation

FINRA

FINRA launched a disciplinary investigation and issued a Wells Notice for alleged violations of: 

  • Rule 3240 (prohibiting improper borrowing). 
  • Rule 2010 (broad ethical standards). 
  • Preliminary determination to recommend disciplinary action on record.
BrokerCheck

2021-2023

Earlier Complaints

Clients

Multiple customer complaints dating back to 2012 include: 

  • February 2023: Misinformation about annuities causing overspending. 
  • January 2000: Allegation of account mismanagement and negligence (closed, but still disclosed).
  • Undated: Complaints of misrepresented account values, unsuitable recommendations. 

.

What Are The

Allegations

Against Richard Ceffalio?

Allegations of Broker Misconduct:

Forgery

Unsuitable Investment Recommendations

Mismanagement of Accounts

Misrepresentation

Have You Sustained Damages from

Richard Alan Ceffalio Jr.

Request an Evaluation
©2025 TheRealRichardCeffalio.com - All Rights Reserved.

Request Your Evaluation Today.

Litigation can be a complicated but necessary part of life, get in touch today for a complimentary consultation from Netzky, Olswang & Hanlon LLC.

Representation:

Netzky Olswang & Hanlon LLC
312-622-7325
robert@robhanlonlaw.com
Complimentary Evaluation

View all Complaints & Disclosures on Richard Allen Ceffalio JR.

BrokerCheck