Published on:

Broker Complaints: Loria Financial Group, LLC (CRD# 102360)

The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Illinois-based brokerage firm Loria Financial Group, LLC (CRD# 102360).

Formed in Illinois in 1999, Loria Financial Group is headquartered in Burr Ridge, Illinois and registered with two US states: Arizona and Illinois. Richard Thomas Loria is President, Secretary, Treasurer, Managing Member, and Chief Compliance Officer; Edward William Mulcahy, Jr. is Member and Owner; Michael Francis Pauritsch is Member and Owner; Philip Alan Salvador is Member and Owner.

According to the firm’s BrokerCheck report, Loria Financial Group is currently not the subject of any customer complaints or regulatory sanctions. However, its President and Managing Member Richard Loria (CRD# 2178578) is the subject of one pending customer complaint, according to his BrokerCheck report.

Richard Loria has spent twenty-four years in the securities industry and has been registered with Loria Financial Group in Burr Ridge, Illinois since 2000. Previous registrations include Washington Square Securities in Des Moines, Iowa (1995-2000); John Hancock Distributors in Boston, Massachusetts (1991-1995); and the John Hancock Mutual Life Insurance Company in Boston, Massachusetts (1991-1995). He is a registered broker and investment adviser in Florida, Georgia, Illinois, Indiana, Virginia, and Wisconsin.

In 2013 a customer alleged Richard Loria, while employed at Loria Financial Group, breached his fiduciary duty in connection to an unspecified investment. The customer is seeking damages in excess of $5,000 in the pending complaint.

According to FINRA rules and federal securities law, brokers like Richard Loria are beholden to a fiduciary duty that requires them to act only in the best interests of their clients. This means, for instance, that they can only recommend suitable investments that take into account the client’s investment goals, experience, and risk tolerance. Firms are not permitted to misrepresent or omit material facts related to an investment, as this might cause a customer to invest unsuitably. Broker-dealer firms like Loria Financial Group have an additional supervisory duty to ensure their representatives comply with securities laws, rules, and regulations. Brokers and firms who violate applicable rules and regulations may be subject to disciplinary action from FINRA, the Securities and Exchange Commission, or state authorities.

If you have suffered losses as a result of investments made with Loria Financial Group, you may be able to recover lost funds. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: we only receive payment if and when you recover money. You may have a limited window to file your claim, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.