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LPL Broker Richard Zito Has Customer Complaint for TIC Investment

Richard ZitoThe securities and investment fraud law firm Fitapelli Kurta is investigating allegations pertaining to unsuitable tenant-in-common (TIC) investments recommended by New York-based LPL Financial broker/investment adviser Richard Zito (CRD# 2280859).

Richard Zito has spent twenty-three years in the securities industry and has been registered with LPL Financial in Garden City, New York since 1997. Previous registrations include Investment Management & Research in St. Petersburg, Florida (1997); American Express Financial Advisors in Minneapolis, Minnesota (1992-1997); and IDS Life Insurance Company in Minneapolis, Minnesota (1992-1997). He is a registered broker and investment adviser in nineteen US states.

According to his BrokerCheck report, Richard Zito is the subject of one customer complaint related to his conduct at LPL Financial.

In 2012 a customer alleged Richard Zito, while employed at LPL Financial, violated the Securities Exchange Act of 1934, breached his fiduciary duty, committed fraud and deceit, violated the Massachusetts Uniform Securities Act, engaged in unfair sales practices, breached contract, acted negligently, and misrepresented material facts related to an investment. The customer specifically alleged that a 1030 exchange TIC investment made in March 2008 was not suitable and that Mr. Zito failed to properly advise the customer regarding market risks associated with the product. The complaint settled in 2014 for $300,000.

If you have suffered losses as a result of investments, particularly tenant-in-common investments, made with Richard Zito, you may be able to collect a recovery. 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.