Erez Law is currently investigating former LPL Financial LLC broker Nicholas Travascio III (CRD# 2581756) regarding real estate investment losses. Travascio has been registered with LPL Financial LLC in Hurst, Texas from 1999 to 2018.
Travascio has been the subject of five customer complaints between 2010 and 2020, one of which was withdrawn and one was denied, according to his CRD report:
- November 2020. “Claimants allege that their financial professional recommended that they invest in several REITs which were unsuitable for their investment portfolio. Claimants allege that their account was overly concentrated in at least four REITs and not appropriately diversified. Activity period: 8/2013 to 11/2020.” The customer is seeking $150,000 in damages and the case is currently pending. The complaint was regarding real estate securities.
- October 2019. “Rep alleged to have recommended an unsuitable REIT to customer, who alleges losses in connection with the investment.” The customer sought $19,500 in damages and the case was settled for $8,000. The complaint was regarding real estate securities.
- July 2019. “Customer alleges that in 2013 and 2014 representative made unsuitable investment recommendations into two speculative alternative investments.” The customer sought $75,000 in damages and the case was settled for $19,000. The complaint was regarding real estate securities.
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, LPL Financial LLC may be liable for investment or other losses suffered by Travascio’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.