• January 4, 2022
• Triad Advisors

Kenneth Luccioni (CRD#: 719779) is a previously registered Broker at Triad Advisors, Inc.

Broker’s Background

He entered the securities industry in 1980 and previously worked for Triad Advisors, Inc.; London Pacific Advisors; Royal Alliance Associates, Inc.; Keogler, Morgan & Company, Inc.; Derand/Pennington/Bass, Inc.; Mesa Securities Corporation; and First Investors Corporation.

Current And Past Allegations Of Conduct Leading To Investment Loss

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in January 2021, a customer dispute was filed against Kenneth Luccioni. The allegation states, “Claimant alleges that Mr. Luccioni overconcentrated her account in volatile energy sector securities that were unsuitable.” Damages of $500,000 are requested, and the customer dispute is pending.

In addition, Kenneth Luccioni has been the subject of two customer complaints, including two that remain pending, including the following:

• March 2020 – “Claimants allege an unsuitable investment strategy beginning in 2005.” Damages of $900,000 are requested, and the customer dispute is pending.
• March 2020 – “Claimants allege an unsuitable investment strategy beginning in 2005.” Damages of $1M are requested, and the customer dispute is pending.
• November 2018 – “Without admitting or denying the findings, Luccioni consented to the sanction and to the entry of findings that he failed to provide documents and information to FINRA in connection with an investigation into whether he had failed to disclose federal and state tax liens on his Uniform Application for Securities Industry Registration or Transfer (Form U4).” Kenneth Luccioni was barred from all capacities indefinitely beginning November 9, 2018. For a copy of the FINRA sanction, click here.

For a copy of Kenneth Luccioni’s FINRA BrokerCheck, click here.

We Help Investors Recover Investment Losses

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.

Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.

Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s age, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.

The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.