Richard LaSpaluto Allegedly Recommended Unsuitable Investments

Rick LaSpaluto (CRD #: 2541603), a broker registered with Centaurus Financial, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on June 17, 2024. Details concerning this dispute are provided below. 

Investor Allegations 

On April 23, 2024, an investor alleged that Rick LaSpaluto recommended unsuitable investments. They further alleged account mismanagement and a breach of fiduciary duty. 

Unsuitable Investments 

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Investments that do not take these factors into account may be unsuitable. 

Fiduciary Duties

Brokers are often dually registered as Registered Investment Advisers (RIAs) with the SEC. RIAs are fiduciaries, and fiduciaries are required to act in their clients’ best interests. Brokers are not fiduciaries but must abide by FINRA Rule 2111 and Regulation Best Interest. (To learn more about the differences between brokers and Registered Investment Advisers, click here.) 

Background Information 

Rick LaSpaluto has passed the following exams: 

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination 
• Series 24 General Securities Representative Examination 

He is a registered broker in 13 states and is a registered investment adviser in three states. 

During his 29 years of experience, Richard LaSpaluto has registered with six firms: 

• Centaurus Financial (CRD #: 30833) 
• Integrated Trading and Investments (CRD #: 47730) 
• SunAmerica Securities (CRD #: 20068) 
• Royal Alliance Associates (CRD #: 23131) 
• Linsco/Private Ledger Corp (CRD #: 6413) 
• Edward D. Jones & Co. LP (CRD #: 250) 

Kurta Law Can Help 

If you have worked with Rick LaSpaluto and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors 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. Do not let securities fraud go unchecked. Start your recovery process today.