Can you recover losses due to recommendations by Lightpath Capital, Inc. broker Louie Ucciferri (CRD# 1156956)? He has been registered with Lightpath Capital, Inc. in Southlake, Texas, since 2023, Edgeline Capital, LLC in Los Angeles, California, since 2010, and Camden Financial Services in Los Angeles, California, since 1998.
Louie Ucciferri Customer Complaints
He has been the subject of two customer complaints between 2022 and 2023, according to his CRD report:
May 2023. “Claimants collectively invested $697,474.19 in real estate private placement between November 2019 and February 2020 which failed due to the due to the unforeseen and unprecedented impact of the COVID pandemic on the student housing sector and the sponsor’s failure to repay the bridge equity it borrowed to acquire the property, which was discovered in December 2021, and ultimately resulted in a forced sale of the property. Claimants filed an arbitration alleging violation of federal securities laws, violation of California securities laws, California unfair, unlawful, and fraudulent business practices, breach of contract, common law fraud, breach of fiduciary duty, negligence and gross negligence. The firm denies all allegations. Additionally, the firm aggressively facilitated litigation for the benefit of investors to recover losses for investors which resulted in a favorable settlement with the sponsor and a jury award against the bridge equity lender and investors have already received a partial return of their initial investment.” The customer sought $696,494.19 in damages, and the case was settled for $130,393.19. The complaint was regarding direct investment losses, and it took place while he was registered with Lightpath Capital, Inc.
December 2022. “Claimants collectively invested $2,034,006 in a real estate private placement between October 2019 and March 2020 which failed due to the unforeseen and unprecedented impact of the COVID pandemic on the student housing sector and the sponsor’s failure to repay the bridge equity it borrowed to acquire the property, which was discovered in December 2021, and ultimately resulted in a forced sale of the property. Claimants filed an arbitration alleging violation of federal securities laws, violation of California securities laws, California unfair, unlawful, and fraudulent business practices, breach of contract, common law fraud, breach of fiduciary duty, negligence and gross negligence. The firm denies all allegations. Additionally, the firm aggressively facilitated litigation for the benefit of investors to recover losses for investors which resulted in a favorable settlement with the sponsor and a jury award against the bridge equity lender.” The case was settled for $379,606.81. The complaint was regarding direct investment losses, and it took place while he was registered with Lightpath Capital, Inc.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Lightpath Capital, Inc. may be liable for investment or other losses suffered by Louie Ucciferri’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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