Larry Leppo (CRD #1002010) Has a Customer Dispute Disclosure on FINRA BrokerCheck

Larry Leppo (CRD #1002010) is a broker with customer dispute disclosures on FINRA BrokerCheck. We reviewed his BrokerCheck report on February 2, 2026. It reflects two customer disputes. If you invested with Larry Leppo and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Larry Leppo’s FINRA BrokerCheck report reflects two customer dispute disclosures. A summary of the disputes is below:

On January 6, 2026, a client alleged Larry Leppo did not disclose the extent of the tax consequences of a recommendation to liquidate securities on June 4, 2025. Larry Leppo’s FINRA BrokerCheck report lists the product type as a CD. The matter is pending. BrokerCheck notes the firm could not make a good faith determination that the claimed damages were less than $5,000.

On October 22, 1992, a customer dispute involving Larry Leppo resulted in an award to the customer. The claim alleged churning and suitability issues involving stocks. FINRA BrokerCheck lists alleged damages of $82,000. The award reflects $7,000 in monetary compensation. Larry Leppo’s BrokerCheck report includes a statement that the matter settled for $42,000, and that he paid $7,000. You can review the arbitration award here: Award (PDF).

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a reasonable basis for recommendations. It also addresses quantitative suitability, which can be relevant when investors raise concerns about excessive trading.

FINRA Rule 2010Rule Summary #2: FINRA Rule 2010 (Standards of Commercial Honor)

FINRA Rule 2010 requires members to observe high standards of commercial honor and just and equitable principles of trade. Investor complaints sometimes cite this general duty when they believe a recommendation or account activity was not handled fairly.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on His FINRA BrokerCheck report, Larry Leppo:

Is currently registered with Wells Fargo Advisors Financial Network, LLC.

Has passed the Securities Industry Essentials (SIE) exam. Larry Leppo has passed Series 7. He has also passed Series 24, Series 66, and Series 63.

Was previously registered with firms that include Wells Fargo Advisors, Wells Fargo Clearing Services, LLC, A. G. Edwards & Sons, Inc., and Jesup, Josephthal & Co., Incorporated.

Kurta Law Can Help

If you have worked with Larry Leppo and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Churning | Unsuitable Investments

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.