Windsor Street Securities Broker John Riccardi Ordered To Pay Investor For Losses
FINRA reports troubling information in regard to Windsor Street securities broker John F. Riccardi Jr. (CRD#: 4771185, New York, New York). Notably, FINRA indefinitely suspended Riccardi’s broker registration because he did not pay compensatory damages to a client who sued him for sales practice violations. Also, other investors brought disputes about the broker, who worked for Windsor Street from 2006 to 2018. Here’s more on these disclosures.
FINRA Arbitrator Awards $250,000 To Client Who Lost Money Because Of John Riccardi
Evidently, a client of Windsor Street sued the firm and Riccardi in a 2018 FINRA Arbitration Claim. Notably, the client alleged that John Riccardi deceived the client and breached a fiduciary duty. Not only that, but the broker allegedly failed to invest the client in appropriate investments. Instead, he reportedly invested the client in Carter Validus Mission Critical REIT (“CVMC REIT II”), SignPath Pharma, International Metal, and Fifth Street Financial Corp. Inc. It seems that those investments were not suitable for the client. Evidently, the Award was rendered in June 2020. Evidently, Riccardi did not pay up as of December 21, 2020.
Windsor Street Required To Pay Client Over Riccardi’s Sales Practices
Notably, a second investor who prevailed in a FINRA Arbitration Claim about John Riccardi received an Award of $114,754.63 in compensatory damages. In this dispute, the client alleged fraud by Windsor Street. Supposedly, the broker negligently misrepresented facts about an investment strategy which reportedly depended on investments in risky penny stocks and private placements. It seems that Windsor Street violated securities laws and FINRA rules by placing the client in an investment strategy which was not tailored to the client’s long-term growth goals. The Award was rendered in October 2018.
Other Disputes About Riccardi Involve Meyers Associates LP Clients
The two prior disputes about John Riccardi concern allegations of unsuitable advice and excessive charges. The claims, which clients of Meyers Associates brought, closed without resolution.
Did You Experience Losses By Investing Through Securities Broker John Riccardi?
Have you experienced losses because of John Riccardi? If so, contact Soreide Law Group at (888) 760-6552 and speak with an experienced attorney about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to the misconduct of financial advisors and securities brokers. FINRA BrokerCheck indicates that Riccardi denies all allegations of his sales practice violations.