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Rich Ceffalio: $3.5mm Complaint Against Fired LPL Advisor

Arlington Heights, Illinois financial advisor Rich Ceffalio (CRD# 2619565) was terminated from his former member firm in connection with alleged rule violations. Financial Industry Regulatory Authority records show that the former LPL Financial broker is currently registered with NewEdge Advisors, doing business as Providence Private Wealth.

Mr. Ceffalio’s BrokerCheck report discloses three recent investor complaints. The most recent, filed in May 2024, alleges that as a Wells Fargo Clearing Services representative, he made unsuitable investment recommendations that caused the customers’ “accounts to underperform… and to sustain substantial losses.” The pending complaint alleges unspecified damages.

A second investor complaint, also filed in May 2024, alleges that as a representative of LPL Financial, he forged customers’ signatures on a line of credit agreement and directed the funds outside of their control. The pending complaint alleges damages of $3,530,379.93.

A third investor complaint, filed in July 2023, alleges that as a representative of LPL Financial, Wells Fargo, and NewEdge Advisors, he forged documents and provided misinformation that caused customers to “overspend from their accounts.” The pending complaint alleges unspecified damages.

A fourth disclosure on Mr. Ceffalio’s BrokerCheck report concerns his termination from LPL Financial. Filed in May 2024, it states that the firm fired him in connection with allegations that he “[s]olicited loan from customer without notice to and approval from Firm” and “[s]ubmitted trade corrections containing inaccurate basis for trade correction.”

Providence Private Wealth’s website includes a profile of Mr. Ceffalio that describes his background and experience as the firm’s founder and managing director. “His passion is helping individuals, families, businesses and foundations gain clarity on why they have a plan,” it states. “It’s this passion that gives Rich the ability to connect deeply with all of our clients and to shepherd them through our planning process.”

According to the Financial Industry Regulatory Authority, Rich Ceffalio holds 29 years of securities industry experience. Based in Arlington Heights, Illinois, he has been registered as an investment advisor with NewEdge Advisors since 2019, doing business as Providence Private Wealth. His past registrations include LPL Financial, Wells Fargo Clearing Services, UBS Financial Services, Wachovia Securities, AG Edwards & Sons, and Citicorp Investment Services. His credentials include the passage of six securities industry qualifying exams: the General Securities Sales Supervisor – Options Module Examination, or Series 9; the General Securities Sales Supervisor – General Module Examination, or Series 10; the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. According to the Securities and Exchange Commission, he is licensed as an advisor in California, Illinois, and Texas. (Information current as of July 8, 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.

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