Last Updated: February 2025 (Herndon, VA)
National securities fraud lawyers at Patil Law P.C. are investigating former LPL Financial LLC and Northwest Financial Advisors broker Russell A. Cesari (CRD #2927448) regarding allegations of multiple regulatory violations and compliance failures. The investigation stems from his December 2024 termination from Northwest Financial Advisors for serious misconduct including failure to align client portfolios with investment objectives and unauthorized trading activities.
Critical Insights About Herndon Financial Advisor Russell Cesari
- Advisor Name: Russell A. Cesari
- CRD: 2927448
- Location: Herndon, VA
- Former Employer: Northwest Financial Advisors/LPL Financial LLC
- Classification: Registered Representative & Investment Adviser Representative
- Registration Status: Not Currently Registered (As of January 2025)
- Customer Disputes: One
- Years of Experience: Since 1997
- Professional Designations: Chartered Financial Consultant (ChFC)
- Previous Employers: Ascend Financial Services, Inc. (1997-2001)
- Professional Qualifications: Series 6, 7, 24, 51, 63, 65 licenses
Details of Current Investigation
The termination disclosure from December 2024 alleges multiple serious violations including:
- Failure to align client portfolios with their stated investment objectives and risk scores
- Accepting unauthorized trading instructions from individuals without proper authority
- Failure to complete required annual client reviews
- Non-compliance with continuing education and training requirements
- Failure to report gifts and entertainment received from clients and sponsors
- Unauthorized communications regarding potential firm acquisition
Analysis of Alleged Misconduct
The allegations raise significant concerns about:
- Portfolio management practices
- Client authorization procedures
- Regulatory compliance
- Risk management protocols
- Client communication standards
- Professional conduct requirements
- Fiduciary duty obligations
Regulatory Framework and Investor Protection
SEC Regulation Best Interest (Reg BI) requires:
- Portfolio alignment with client objectives
- Proper trading authorization
- Regular client reviews
- Accurate documentation
- Continuing education compliance
- Proper disclosure of conflicts
FINRA Rules mandate:
- High standards of commercial honor
- Ethical business practices
- Proper client authorization
- Accurate recordkeeping
- Regular client communication
- Professional competency maintenance
Prior Customer Dispute History
A previous customer dispute from 2009 alleged:
- Issues with variable annuity purchases
- Missing guarantee riders
- Potential damages of $50,000
- Matter was resolved with contract reissuance
Red Flags For Investors
- Recent termination for multiple violations
- Unauthorized trading allegations
- Portfolio misalignment issues
- Compliance failures
- Gift reporting violations
- Communication policy breaches
- Documentation concerns
- Registration status terminated
Implications For Current And Former Clients
Current and former clients should:
- Review their portfolio allocations
- Verify investment objectives alignment
- Check trading authorizations
- Examine account documentation
- Monitor account activity
- Document all communications
- Request account reviews
- Consider independent evaluation
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have concerns about your investments handled by Russell Cesari, particularly regarding portfolio allocation or unauthorized trading, , 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.
