According to various reports, a Milford financial advisor, Robert Tricarico, has pleaded guilty to fraud and stealing more than $1.2 million from a client.
According to the United States Attorney for Connecticut, Robert N. Tricarico, 60, of Milford pleaded guilty June 16th in Hartford federal court to one count of wire fraud.
Tricarico allegedly was a registered securities broker and was associated with various financial firms. According to court documents and statements made in court, Tricarico purportedly acted as a financial advisor for an elderly and infirm client who had substantial assets. Tricarico allegedly misappropriated more than $1.1 million from the victim by writing numerous checks to both himself and for his benefit. He also allegedly admitted to defrauding two other victims of $20,000.
As part of his plea, Tricarico will pay restitution to the victims of his crime and will face 20 years in prison. However, it is unclear if Tricarico has the funds necessary to repay these victims. As such, The White Law Group is investigating the liability that Tricarico’s employers may have for failure to properly supervise him.
Brokerage firms are required to adequately supervise their agents to ensure that they are complying with all the relevant securities laws and regulations. If the firm fails to properly supervise its agent, the firm can be held responsible for any resulting losses in a FINRA arbitration claim.
According to his FINRA BrokerCheck, Tricaciro was registered as a financial advisor with LPL Financial from 05/2011 – 01/2015 and Wells Fargo from 03/2009 – 05/2011. His BrokerCheck also indicates that he was the advisor of record on at least 6 customer complaints.
If you invested with Robert Tricarico and would like a free consultation with a securities attorney, please call The White Law Group at 888-637-5510. The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group and its representation of investors, visit https://www.whitesecuritieslaw.com.