Ken Vercellino: $10mm Complaint Against Raymond James Advisor

San Francisco financial advisor Ken Vercellino (CRD# 2583864) recently received an investor complaint alleging that his conduct resulted in eight-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Raymond James & Associates.

Mr. Vercellino’s BrokerCheck report discloses one investor complaint. Filed in February 2026, it alleges that as a representative of JP Morgan Securities, he made an unsuitable investment recommendation and exercised discretion. The pending complaint alleges damages of $10,953,568.

For reference, FINRA Rule 3260 outlines specific conditions under which brokers like Mr. Vercellino may engaged in discretionary trading, that is, the execution of securities transactions without prior consultation with the investor. As FINRA explains in its investor resources, the use of discretion “generally means the broker can decide at any time how much of a stock, bond or other security to buy or sell, and at what price, without customer input.” Rule 3260 states that brokers may not exercise discretionary power without the customer’s prior written authorization and the firm’s acceptance of the account as discretionary. The firm’s acceptance must be “evidenced in writing by the member or the partner, officer or manager, duly designated by the member.” Even in cases where brokers have received authorization from both parties to engage in discretionary trading, Rule 3260 prohibits them from effecting transactions “which are excessive in size or frequency in view of the financial resources and character of such account.” Brokers who improperly engage in discretionary trading may be held liable.

According to the Financial Industry Regulatory Authority, Ken Vercellino holds 28 years of securities industry experience. Based in San Francisco, California, he has been registered as a broker and an investment advisor with Raymond James & Associates since 2022. His past registrations include JP Morgan Securities, VT Brokers, Thomas Wiesel Partners, Hambrecht & Quist, and E*Trade Securities. His credentials include the passage of five 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; the Registered Options Principal Examination, or Series 4; and the General Securities Representative Examination, or Series 7. He holds 25 state licenses. (Information current as of April 4, 2026.)

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