Last Updated: February 2025 (Pittsford, NY)
National securities fraud lawyers at Patil Law, P.C are investigating former IBN Financial Services broker Angelo J. Piccone (CRD #1401761) regarding allegations of unsuitable investment recommendations and Regulation Best Interest violations. The investigation stems from a recent FINRA enforcement action and multiple customer complaints involving alternative investments and REITs.
Critical Insights About Pittsford Financial Advisor Angelo Piccone
- Advisor Name: Angelo J. Piccone
- CRD: 1401761
- Location: Pittsford, NY
- Former Employer: IBN Financial Services, Inc.
- Classification: Previously Registered Representative
- Years of Experience: Since 1985
- Previous Employers: Multiple firms including Ensemble Financial Services and Next Financial Group
- Professional Qualifications: Series 6, 7, 22, 63 licenses and SIE exam
- Business Name: Piccone Wealth Management (DBA)
- Current Status: Not Currently Registered
Details Of Recent FINRA Action
In January 2025, FINRA found that Piccone:
- Willfully violated Regulation Best Interest
- Recommended unsuitable alternative investments
- Over-concentrated client portfolios in illiquid investments
- Made inappropriate recommendations to customers with moderate risk tolerance
- Used personal mobile device for unauthorized business communications
- Made misleading statements about investment recovery prospects
Analysis Of Sanctions Imposed
FINRA ordered:
- 5-month suspension from the securities industry
- $23,905.81 in disgorgement of commissions
- $10,000 fine
- Finding of willful violation making him subject to statutory disqualification
Pattern Of Customer Complaints
Multiple customer complaints allege:
- Unsuitable investment recommendations
- Over-concentration in illiquid alternative investments
- Sales of UDF III, UDF IV and other REITs
- Insufficient due diligence
- Inadequate risk disclosures
- Combined settlements exceeding $100,000
Regulatory Framework Violations
The misconduct violated:
- SEC Regulation Best Interest
- FINRA Rule 2111 (Suitability)
- FINRA Rule 2010 (Commercial Honor)
- FINRA Rule 4511 (Books and Records)
- FINRA communications rules
Red Flags For Investors
- Concentration in illiquid investments
- Recommendations exceeding risk tolerance
- Use of unauthorized communications
- Multiple customer complaints
- Regulatory disciplinary action
- Disgorgement of commissions
- Finding of willful violation
- Industry suspension
Implications For Current And Former Clients
Current and former clients should:
- Review portfolio concentration levels
- Verify investment objectives were followed
- Examine account documentation
- Check trade confirmations
- Request account statements
- Document communications
- Consider independent review
Patil Law P.C. Will Help You Recover Your Investment Losses
If you invested with Angelo Piccone and suffered losses due to unsuitable investment recommendations or over-concentration in illiquid investments, please contact Attorney Patil online or call (800) 950-6553 for a free initial consultation. Our securities fraud attorneys work on a contingency fee basis, meaning we only get paid if we help you recover money.
