Records filed with a US bankruptcy court show that at least seven current or former clients of B. Riley Wealth...Read More
Bill Lapiana: 6-Figure Complaints Against Paxton Financial Advisor
Recent investor complaints against New York City financial advisor Bill Lapiana (CRD# 4580411) allege that his investment recommendations led to substantial losses. Financial Industry Regulatory Authority records show that he is a broker with Newbridge Securities, doing business as Paxton Financial Services.
Mr. Lapiana’s BrokerCheck report discloses two investor complaints. The most recent, filed in May 2022, alleges that as a Newbridge Securities representative, he engaged in negligence, breached his fiduciary duty, committed fraud, and breached contract in connection with alternative investments. The pending complaint alleges damages of $184,000.
Mr. Lapiana defended himself against the allegations in a statement on the complaint’s disclosure, writing: “I deny all of the claims of the Claimant. I specifically deny that the securities in question were not appropriate for the client.”
A second investor complaint against Mr. Lapiana, filed in September 2021, alleges that he failed to conduct due diligence, recommended unsuitable alternative investments, made misrepresentations of material information, and over-concentrated investments. The pending complaint alleges damages of $50,000 to $100,000.
According to the Financial Industry Regulatory Authority, Bill Lapiana holds 19 years of securities industry experience. Based in New York City, he has been a representative of Newbridge Securities since 2009, and he does business as Paxton Financial Services. His past registrations include ICM Capital Markets, Chicago Investment Group, TLG Advisors, Ladenburg Thalmann Asset Management, and Ladenburg Thalmann & Company. His credentials include the passage of four securities industry qualifying examinations: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 25 state licenses. (Information current as of August 16, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.