Angelo Piccone Fined By FINRA, Linked To IBN Investor’s Unsuitable Advice Complaint

FINRA fined securities broker Angelo Julius Piccone [CRD: 1401761, Pittsford, New York], and investors complained about him, according to publicly available information on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Piccone worked for IBN Financial Services Inc. from April 20, 2011, to November 15, 2024. Keep reading to learn more about Piccone’s disclosures.

FINRA Sanctioned Piccone For Unsuitable Recommendations

Evidently, on January 29, 2025, FINRA issued Case: 2022076855802 sanctioning Angelo Piccone for infractions. Specifically, Piccone was suspended for five months from associating with any FINRA member in all capacities, fined $10,000, and ordered to disgorge $23,905.81 plus interest. Specifically, FINRA alleged that Piccone recommended investments that were not in a client’s best interest and later used an unapproved communication method for securities business, including sending a message that FINRA described as unbalanced, promissory, and misleading.

According to FINRA’s Letter of Acceptance, Waiver, and Consent, the alleged conduct included recommendations made between November 2020 and February 2021 while Piccone was associated with IBN Financial Services Inc. FINRA stated that the client invested a substantial portion of her net worth into speculative, illiquid alternative investments, and that those recommendations were not consistent with the client’s investment profile.

The regulator stated that this conduct resulted in an alleged violation of Exchange Act Rule 15l-1(a)(1) (Regulation Best Interest) and a violation of FINRA Rule 2010. FINRA also alleged that between April 2021 and June 2022, Piccone used his personal mobile device to exchange text messages about securities business, which FINRA said contributed to the firm’s inability to preserve those communications as required under Section 17(a) of the Exchange Act and Exchange Act Rule 17a-4(b)(4). The regulator alleged that this conduct violated FINRA Rules 4511 and 2010, and that a message about recovering an investment was unbalanced and misleading in violation of FINRA Rules 2210(d)(1)(A), 2210(d)(1)(B), and 2010.

IBN Financial Services Inc. Investor Accused Angelo Piccone Of Unsuitable Advice

Particularly, an IBN Financial Services Inc. client filed FINRA Arbitration No. 23-00127 about Angelo Piccone. Mainly, the client alleged that Piccone made unsuitable recommendations involving asset-backed bonds that did not match the client’s risk profile. Because of this, the client allegedly experienced damages associated with asset-backed bonds. Therefore, on March 7, 2024, IBN Financial Services Inc. settled this matter by paying the client $63,000 in damages.

Piccone Disclosed Misrepresentation, Breach Of Fiduciary Duty Allegations By IBN Financial Services Inc. Client

Notably, a client of IBN Financial Services Inc. disputed Angelo Piccone’s sales practices by filing FINRA Arbitration No. 18-02645. Allegedly, Piccone failed to supervise certain representatives, made misrepresentations, breached his fiduciary duty, breached a contract, and was negligent in connection with the sale of real estate securities. It appears that Piccone caused the client to sustain damages connected to real estate securities, including Behringer Harvard REIT I and United Development Funding (UDF) III and UDF IV. As a result, IBN Financial Services Inc. opted to settle the matter on August 28, 2019, by compensating the client in the amount of $20,000.

Did You Invest With Financial Advisor / Securities Broker Angelo Piccone?

Did you suffer any investment-related losses because of Angelo Piccone? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery of your investment losses. Soreide Law Group has recovered losses for clients located throughout the United States. Also, the firm represents investors on a contingency fee basis and advances all costs. Piccone and brokerage firms Piccone worked for deny accusations of sales practice violations.