Paul Baldino: Lake Financial Advisor Lands Excessive Trading Complaint

Port Washington, Wisconsin financial advisor Paul Baldino (CRD# 2024264) allegedly made excessive trades, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Equitable Advisors, doing business as Lake Financial Group.

Mr. Baldino’s BrokeCheck report discloses one investor complaint. Filed in April 2026, it alleges that as an Equitable Advisors representative, he made excessive trades, misrepresented fees, and recommended unsuitable investments. The pending complaint alleges unspecified damages.

An unsuitable investment, as described by FINRA Rule 2111, is an investment or strategy which a broker lacks a reasonable basis to believe is appropriate for their customer’s investment profile. An investor’s profile “includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance,” and other information. FINRA-associated brokers are required by Rule 2111 to conduct reasonable diligence to determine a customer’s profile; then, they must use this information to arrive at a determination as to whether an investment or strategy is not only suitable for some customers, but for that specific customer. Brokers who sell unsuitable investments, or who misrepresent information regarding an investment’s suitability, may be liable to their clients if those investments experience losses.

A FINRA resource released in 2020 describes excessive trading, also referred to as quantitative unsuitability, as “the situation where a broker makes a large number of trades in a customer’s account not to benefit the customer but to generate commissions for the broker.” A more severe form of excessive trading is referred to as churning, in which a broker engages in excessive trading “with either an intent to defraud or with reckless disregard for the customer’s interests.” More information on potential red flags of excessive trading can be found via FINRA.

According to the Financial Industry Regulatory Authority, Paul Baldino holds 13 years of securities industry experience. Based in Port Washington, Wisconsin, he has been registered as a broker and an investment advisor with Equitable Advisors since 2012 and 2013, respectively, doing business as Lake Financial Group. His credentials include the passage of four securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; and the General Securities Representative Examination, or Series 7. He holds 21 state licenses. (Information current as of April 26, 2026.)

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