Devin Garofalo: $216K Complaint Against Colonial River Advisor

Midlothian, Virginia financial advisor Devin Garofalo (CRD# 4853435) recently received an investor complaint alleging that his conduct resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is currently registered as a broker with LPL Financial and an investment advisor with Colonial River Wealth Management.

Mr. Garofalo’s BrokerCheck report discloses one recent investor complaint. The most recent, filed in April 2024, alleges that as a representative of LPL Financial, he recommended an unsuitable investment in a variable annuity. The pending complaint alleges damages of $216,806.15.

Colonial River Wealth Management’s website includes a profile of Mr. Garofalo that describes him as the firm’s Chief Executive Officer. “He launched Colonial River with a focus on helping clients prepare for retirement, invest in their own businesses, and move forward proactively with other life decisions,” it states. “Over time, Devin grew the firm to include an executive leadership board and office staff who provide support to the firm’s financial advisors and help them execute client-forward service. Today, Devin’s favorite part of the job is seeing his clients pursue their financial goals and personal visions throughout their various life stages and using his experience to coach both new and seasoned advisors.”

According to the Financial Industry Regulatory Authority, Devin Garofalo holds 19 years of securities industry experience. Based in Midlothian, Virginia, he has been registered as a broker with LPL Financial and an investment advisor with Colonial River Wealth Management since 2016. His past registrations include Lincoln Financial Advisors Corporation (Newport News, Virginia; 2013-2016), LPL Financial (Glen Allen, Virginia; 2007-2009, 2010-2013), NEXT Financial Group (Glen Allen, Virginia; 2009-2010), Royal Alliance Associates (Richmond, Virginia; 2005-2007), and Capital Brokerage Corporation (Glen Allen, Virginia; 2004-2006). His credentials include the passage of six 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 Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 46 state licenses. (Information current as of May 6, 2024.)

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.