Richard Ceffalio Facing $5,000,000 Investor Dispute

Richard Ceffalio (CRD #: 2619565), a broker formerly registered with LPL Financial, has two multi-million dollar disputes on his record, according to his BrokerCheck record, accessed on September 8, 2025. Keep reading to learn more about his alleged conduct as a broker.

Investor Disputes

On July 1, 2025, an investor alleged that Richard Ceffalio made unsuitable investment recommendations. The investor is seeking $5,000,000. 

On June 9, 2025, an investor alleged that Richard Ceffalio engaged in selling away and made unauthorized, improper transfers. The investor is seeking $3,000,000. 

On May 31, 2024, several investors filed a dispute alleging Richard Ceffalio recommended unsuitable investments.

In a dispute filed on May 28, 2024, several investors alleged that Richard Ceffalio forged their signatures on a line of credit agreement in March 2022 and misdirected the funds outside their control. They seek $3,530,379.93 in damages.

On July 21, 2023, clients filed a dispute alleging that Richard Ceffalio forged documents.

Outside Business and Selling Away

FINRA Rule 3270 requires brokers to inform their firm of any outside business activities or any investments sold away from the firm. The brokerage firm may prohibit the activity if the firm believes the proposed activity may compromise the broker’s duties. Firms may also require brokers to seek approval of any outside business.

FINRA Rule 2020

FINRA Rule 2020 prohibits the misrepresentation of investments and omission of material facts. Material facts include information about an investment’s charges, expenses, and fees.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile, which describes characteristics such as their risk tolerance, investing experience, tax status, and age.

Investors who rely on brokers for recommendations may be able to recover their losses through FINRA arbitration.

Termination from LPL Financial

On May 31, 2024, Richard Ceffalio was fired from LPL Financial for allegedly soliciting a loan from a client without notifying the firm and receiving approval. He allegedly also submitted trade corrections containing an inaccurate basis for the correction.

Background Information

Richard Ceffalio has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 31 – Futures Managed Funds Examination
• Series 7 – General Securities Representative Examination
• Series 10 – General Securities Sales Supervisor – General Module Examination
• Series 9 – General Securities Sales Supervisor – Options Module Examination

He previously worked for the following firms:

• LPL Financial (CRD#:6413)
• Wells Fargo Clearing Services (CRD#:19616)
• UBS Financial Services (CRD#:8174)
• Wachovia Securities (CRD#:19616)
• A. G. Edwards & Sons (CRD#:4)
• Citicorp Investment Services (CRD#:23988)

Kurta Law Can Help

If you worked with Richard Ceffalio and you 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.