Joseph H. Langlois III (CRD# 4216281), a financial advisor with DFPG Investments, LLC, is the subject of a pending FINRA arbitration in which a customer seeks $8,500,000 in damages. According to his FINRA BrokerCheck report, the customer alleges breach of fiduciary duty and unsuitable recommendations of alternative investments. The arbitration, FINRA Case No. 26-02158, was filed on September 23, 2026. The claims are allegations and have not been proven. Broker Background Langlois has been in the securities industry since 2001. He is currently registered as a broker with DFPG Investments, LLC (CRD# 155576) and as an investment adviser representative with Diversify Advisory Services, LLC (CRD# 326060). Both registrations run through a branch office in San Jose, California. He previously worked out of San Diego, California, and is registered as a broker in 35 jurisdictions. Before joining DFPG in December 2015, Langlois was registered with First Allied Securities, Inc. and First Allied Advisory Services, Inc. (2010–2015), and with MetLife Securities Inc. and Metropolitan Life Insurance Company (2001–2010). He holds the Series 6, 7, 63, 65, and 99 licenses and reports the Certified Financial Planner designation. Customer Disputes Langlois’s BrokerCheck report discloses three customer disputes, all involving alternative or real estate investments: • FINRA Arbitration No. 26-02158 (pending). The customer alleges breach of fiduciary duty and unsuitable recommendations of alternative investments, specifically direct investments, direct participation programs (DPPs), and limited partnership interests. Alleged damages are $8,500,000. The alleged conduct occurred while Langlois was at DFPG Investments. • FINRA Arbitration No. 21-03081 (settled). A customer alleged that financial advisers recommended unsuitable real estate securities, and asserted claims for failure to supervise, negligence, and breach of contract. Alleged damages were $870,000. The case, which arose from Langlois’s time at First Allied Securities, settled in June 2022 for $60,000. Langlois states that he was not named in the arbitration, that it was filed against his former broker-dealer, and that he continues to advise the client. • Written complaint (settled). In January 2019, customers alleged that Langlois misrepresented and sold unsuitable real estate investment trusts (REITs) during 2013 and 2014 while at First Allied. The complaint settled in July 2019 for $22,060.11. Langlois states that the customers complained after they were unable to liquidate their non-traded alternative investments, and that his former firm chose to settle to avoid defense costs. Langlois did not personally contribute to either settlement. The Risks of Alternative Investments Alternative investments such as non-traded REITs, DPPs, limited partnerships, and private placements are often illiquid. They typically have no public market, carry high upfront commissions and fees, and can be difficult to value. Investors may be unable to sell for years, and distributions can be reduced or suspended. Because of these features, regulators have long cautioned against concentrating customer portfolios in these products. Before recommending an investment, a financial advisor must have a reasonable basis to believe it is suitable for the customer in light of the customer’s age, objectives, risk tolerance, and liquidity needs. Investment adviser representatives also owe their clients a fiduciary duty. Brokerage firms must reasonably supervise their representatives’ recommendations. We Help Investors Recover Investment Losses If you invested in alternative investments through Joseph Langlois and suffered losses, you may be able to recover them through FINRA arbitration. The Wolper Law Firm represents investors nationwide in claims against brokers and brokerage firms. Attorney Matt Wolper has spent his career representing investors. Call 800.931.8452 or contact us for a free consultation. Arkadios Capital Financial Advisor Louis Tucci Dicsloses $2 Million FINRA Arbitration Over Delaware Statutory Trust Investment

• November 6, 2026
• Arkadios Capital

Louis Anthony Tucci (CRD# 4508379), a financial advisor with Arkadios Capital in Haledon, New Jersey, is the subject of a pending FINRA arbitration in which a customer seeks $2,000,000 in damages. According to his FINRA BrokerCheck report, the customer alleges failure to perform proper due diligence and breach of duty in connection with a Delaware Statutory Trust (DST) investment. The arbitration, FINRA Case No. 26-00433, was filed in February 2026. The claims are allegations and have not been proven.

Broker Background

Tucci has been in the securities industry since 2002. He is currently registered as a broker with Arkadios Capital (CRD# 282710) and as an investment adviser representative with Arkadios Wealth Advisors (CRD# 288863), both since February 2024. He is registered as a broker in 17 jurisdictions.

The DST investment at issue was sold while Tucci was registered with Realta Equities, Inc. (CRD# 23769) and Realta Investment Advisors, Inc. (2022–2024). His earlier firms include Securities America, Inc. and Securities America Advisors, Inc. (2013–2022); MML Investors Services, LLC (2005–2013); Cadaret, Grant & Co., Inc. (2003–2005); and Investment Advisors & Consultants, Inc. (2002). He holds the Series 6, 7, 63, and 65 licenses. Tucci also reports outside business activities with Wealthstone Group, including commercial real estate consulting for which he may receive commissions on investment property transactions.

Customer Disputes

Tucci’s BrokerCheck report discloses two customer disputes:

• FINRA Arbitration No. 26-00433 (pending). The customer alleges failure to perform proper due diligence and breach of duty in connection with a DST. Alleged damages are $2,000,000. Tucci states that he had months of discussions with the client, the client’s son, attorney, and CPA, that they reviewed the investment’s illiquid, long-term nature and lack of a secondary market, and that the client “acknowledged and understood these investment characteristics and risks.”
• Written complaint (settled). In February 2008, while Tucci was with MML Investors Services, a client alleged that an intended 1035 exchange from a life insurance policy into an annuity was not processed correctly, resulting in a $30,000 tax liability. The complaint settled in May 2008 for $28,197. Tucci states that the insurer, not he, mishandled the paperwork, and he did not contribute to the settlement.

The Risks of Delaware Statutory Trusts

A Delaware Statutory Trust is a legal entity that holds title to investment real estate, such as apartment complexes, medical facilities, or office buildings. DSTs are commonly sold to investors seeking to defer capital gains taxes through a 1031 exchange after selling a property. DST interests are generally sold as private placements and carry significant risks:

• Illiquidity. There is typically no secondary market, and the sponsor controls when the property is sold.
• Concentration. Investors often place most or all of their sale proceeds in one or a few properties.
• Fees. Upfront commissions, sponsor fees, and markups can be substantial.
• Limited control and transparency. Investors have no say in property management, and reporting can be limited.
• Leverage. Many DSTs carry mortgage debt, and lender provisions can divert cash flow away from investors when a property underperforms.

Because DST interests are alternative investments, FINRA rules require brokerage firms and their representatives to perform reasonable due diligence on the offering before recommending it. A financial advisor must also have a reasonable basis to believe the investment is suitable for the particular customer. Investment adviser representatives owe their clients a fiduciary duty, and firms must reasonably supervise their representatives.

We Help Investors Recover Investment Losses

If you invested in a DST or other alternative investment through Louis Tucci and suffered losses, you may be able to recover them through FINRA arbitration. The Wolper Law Firm represents investors nationwide in claims against brokers and brokerage firms, including DST claims. Attorney Matt Wolper has spent his career representing investors. Call 800.931.8452 or contact us for a free consultation.