The law offices of Gana Weinstein LLP are currently investigating claims that Broker Richard Ceffalio (Ceffalio) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Ceffalio was employed by LPL Financial LLC at the time of the activity. If you have been a victim of Ceffalio’s alleged misconduct our firm may be able to assist you in recovering funds.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $3,000,000.00 on June 09, 2025.
Claimant alleges selling away, unauthorized, improper transfers, improper borrowing, breach of fiduciary duty, breach of duty of good faith and fair dealing, negligence and gross negligence, breach of the Illinois Negligent misrepresentation in connection with investments made. Activity period April 2020 through June of 2025.
We have a strong track record of advocating for victims of fraud when advisors obtain loans from clients or engage in securities sales via OBAs. The sale of unapproved investment products, fake investments that cover misappropriated funds, and other fraudulent behavior – is a practice known in the industry as “selling away” – a serious violation of the securities laws. “Selling away” is the term used in the industry when a financial advisor solicits investments in companies, promissory notes, or securities without obtaining approval from their affiliated brokerage firm. Although certain investments may have some validity, they frequently devolve into Ponzi schemes or involve advisors unlawfully diverting funds.
However, federal securities laws and the FINRA rules require firms to monitor and supervise its employees in order to detect and prevent brokers from offering investments in this fashion. Each firm is obligated to enforce measures that oversee brokers by monitoring advisors’ conduct and their interactions with clients. Selling away misconduct often occurs where brokerage firms either fail to put in place a reasonable supervisory system or fail to actually implement that system. Supervisory failures allow brokers to engage in unsupervised misconduct that can include all manner improper conduct including selling away.
In cases of selling away the investor is unaware that the advisor’s investments are improper. In many of these cases the investor will not learn that the broker’s activities were wrongful until after the investment scheme is publicized, the broker is fired or charged by law enforcement, or stops returning client calls altogether.
Ceffalio has been in the securities industry for more than 29 years. Ceffalio has been registered as a Broker with LPL Financial LLC since 2019.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.