Rich Pascale: Classic Benefit Planners Advisor Faces $340K Complaint

A recent investor complaint against Massapequa Park, New York financial advisor Rich Pascale (CRD# 3221955) alleges that his conduct resulted in damages exceeding $300,000. Financial Industry Regulatory Authority records show that he is currently registered as a broker and an investment advisor with LifeMark Securities. He is also a representative of Classic Benefit Planners.

Mr. Pascale’s BrokerCheck report discloses one investor complaint. Filed in March 2024, it alleges that as a representative of LifeMark Securities, he acted negligently, breached his fiduciary duty, and failed to comply with the Best Interest obligation when he recommended an alternative investment in a corporate bond whose issuer later went bankrupt. The pending complaint alleges damages of $340,000.

Classic Benefit Planners’ website describes Mr. Pascale’s background and experience. As independent insurance agents, it notes, he and his partner “are able to select from the broad array of insurance products that best suit their client’s needs, rather than force fit products offered by a single insurance firm.” The firm offers securities and advisory services through LifeMark Securities.

According to the Financial Industry Regulatory Authority, Rich Pascale holds 24 years of securities industry experience. Based in Massapequa Park, New York, he has been registered as a broker and an investment advisor with LifeMark Securities since 2005 and 2021, respectively. His registration history includes Hornor, Townsend & Kent (Uniondale, New York; 2001-2005), 1717 Capital Management Company (Newark, Delaware; 2000-2002), AXA Advisors (New York, New York; 1999-2000), and the Equitable Life Assurance Society of the United States (New York, New York; 1999-2000). His credentials include t he passage of seven securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Operations Professional Examination, or Series 99TO; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in the District of Columbia, Nevada, New Jersey, New York, North Carolina, Oregon, South Carolina, and Virginia. (Information current as of May 18, 2024.)

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