Securities Fraud Lawyer Blog
Todd Pilosi, a registered representative from Clovis, California, formerly with LPL Financial was suspended from FINRA membership as a result of an investigation into his borrowing money from a customer without obtaining firm approval, which is a violation of LPL and FINRA rules. Pilosi entered into an acceptance waiver and consent agreement with FINRA in which he neither admitted nor denied the findings, but agreed to a suspension of four months and a fine of $5,000.
In June, 2017 Todd Pilosi agreed to the suspension and FINRA published its findings that Pilosi borrowed $150,000 from a customer, which has not been paid back. Pilosi has entered into a settlement agreement with the customer. FIRNA also found that Pilosi misled LPL when he submitted a compliance questionnaire in which he denied engaging in the loan transaction with the customer.
Todd Pilosi’s registration and disciplinary history
In order to lawfully sell investments to the public, one must either be registered or exempt from registration.
Todd Pilosi was registered with LPL Financial Services from July, 2012 to October, 2016 and RBC Capital Markets from May, 2006 to July, 2012.
According to FINRA’s CRD disclosure report, Todd Pilosi has been the subject of two customer complaints and one regulatory investigation.
FINRA is the primary regulator for broker dealers and registered representatives in the United States. FINRA’s role is to promulgate standards and practices for the brokerage industry and to ensure compliance with its rules by licensed entities and individuals.
FINRA has two primary means to ensure compliance with the securities laws ; by means of an enforcement unit that investigates and disciplines wrongdoing, and through the establishment of an arbitration forum where investors can resolve disputes against broker dealers. FINRA’s arbitration forum, FINRA Dispute Resolution Inc. is the largest arbitration forum in the country for resolving investor disputes, and typically processes over 10,000 filings annually.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 24 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.
If you suspect that you have been the victim of investment fraud, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.