Carlo Licata Allegedly Did Not Work in Client’s Best Interest

Carlo Licata (CRD #: 5026017), a broker registered with Morgan Stanley, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on October 13, 2023. Keep reading if you have questions about his alleged conduct. 

On September 12, 2023, an investor alleged Carlo Licata did not manage their accounts in their best interests. The investor is seeking $50,000. 

What is Regulation Best Interest? 

Regulation Best Interest expanded on the requirements of FINRA Rule 2111, which defines suitable investment recommendations. In addition to limiting their recommendations to investments that suit their investors’ needs, brokerage firms must also uphold a Duty of Care, the Conflict of Interest Obligation, and the Disclosure Obligation. These obligations and duties require brokerage firms to disclose conflicts of interest. Firms must also research the market for investments that could offer similar benefits at a lower cost prior to making a recommendation. 

Background Information 

Carlo Licata has passed the following exams:

• Series 66 Uniform Combined State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 31 Futures Managed Funds Examination 
• Series 7 General Securities Representative Examination

He is a registered broker in 29 states and D.C. He is a registered investment adviser in Illinois, North Carolina, and Texas. 

Carlo Licata has registered with the following firms: 

• Morgan Stanley (CRD #: 149777) 
• Jesup & Lamont Securities Corp (CRD #: 39056) 
• B.C. Ziegler and Company (CRD #: 61) 
• Ameriprise Financial Services (CRD #: 6363) 

Kurta Law Can Help

If you worked with Carlo Licata and have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.