Options Losses Guidance Clients of LPL Financial LLC and New Edge Advisors Broker Richard Ceffalio, Jr.

LPL Financial LLC

LPL Financial LLC and New Edge Advisors broker Richard Ceffalio, Jr. (Allen Ceffalio, Jr.) (CRD# 2619565) is accused of millions of dollars in investment losses related to inappropriate options trading. He has been registered with LPL Financial LLC in Arlington Heights, Illinois, since 2019 and New Edge Advisors in Arlington Heights, Illinois, since 2019. Previously, he was registered with Wells Fargo Clearing Services, LLC, in Arlington Heights, Illinois, from 2012 to 2019.

Public records indicate that a former client of LPL Financial, LLC and Wells Fargo Clearing Services, LLC filed a FINRA arbitration claim alleging failure to supervise broker Richard Ceffalio, Jr., resulting in millions of dollars in investment losses. The FINRA claim alleges that the broker engaged in inappropriate movement of money between accounts, over-concentrated stock positions, and inappropriate options trading. Richard Ceffalio, Jr. was not named in the complaint. 

Allen Ceffalio, Jr. Customer Complaints

He has been the subject of two customer complaints between 2000 and 2023, one of which was closed without action and one was denied, according to his CRD report:

February 2023. “Complaint alleges customers did not understand their annuities and received misinformation that caused them to overspend from their accounts.”

January 2000. “Client alleged mismanagement of account and negligence.”

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 and New Edge Advisors may be liable for investment or other losses suffered by Allen Ceffalio, Jr.’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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Author: Jeffrey Erez

The founder of Erez Law, Jeffrey Erez, focuses exclusively on securities arbitration and litigation. Mr. Erez passionately believes in representing aggrieved investors and obtaining justice for his clients through litigation.