Financial advisor Angelo Julius Piccone faces serious consequences for his actions at IBN Financial Services. FINRA suspended him for five months and ordered him to pay a $10,000 fine in 2024.
The regulatory body also demanded he return $23,905 in commissions from GWG L bond sales after GWG went bankrupt in 2022. His alleged misconduct included recommending unsuitable investments to clients, such as advising one customer to put 77% of their liquid assets into risky alternative investments.
Three customers filed complaints against Piccone during his time at IBN Financial Services from 2011 to 2024, citing negligence and breach of fiduciary duty. Two of these complaints ended in settlements favoring the investors, while one case remains open.
Haselkorn & Thibaut is now investigating claims against Piccone for potential investment fraud. The case reveals serious problems at IBN Financial Services, including poor supervision and unauthorized trading.
The Angelo Julius Piccone Suspended Complaints case shows how financial advisors can harm investors. Learn what led to his suspension and its impact on the industry.
Key Takeaways
Table of Contents
- FINRA suspended Angelo Julius Piccone for five months and fined him $10,000 in January 2025 for misconduct at IBN Financial Services. He must return $23,905 in commissions from GWG L bond sales.
- Multiple customers filed complaints against Piccone for unauthorized trading and misrepresenting investment risks. He directed 77% of one client’s liquid assets into high-risk investments. Haselkorn & Thibaut started separate an investigation into his activities.
- The complaints led to several settlements through IBN Financial Services. Piccone violated investment rules by recommending unsuitable investments and breaching his duty to clients. His case revealed problems with elder abuse cases and mismanaged trust accounts.
- The suspension highlights serious oversight issues in financial services. His misconduct caused direct harm to investors through the GWG bankruptcy in 2022. FINRA took strong action to protect investors and maintain market integrity.
Overview of FINRA Allegations Against Angelo Julius Piccone
The Financial Industry Regulatory Authority (FINRA) took strong action against Angelo Julius Piccone in January 2025. FINRA officials imposed a 5-month suspension and a $10,000 fine on Piccone for his actions at IBN Financial Services.
The regulatory body ordered him to return $23,905 in commissions he earned from selling GWG L bonds. These penalties came after a thorough investigation of his activities from April 2011 to November 2024.
FINRA’s enforcement actions serve to protect investors and maintain market integrity through vigorous, fair and effective regulation.
Piccone’s case raised serious concerns about his professional conduct at IBN Financial Services in Pittsford, New York. The regulatory body found clear violations in his sales practices and handling of client investments.
These findings led to immediate disciplinary measures against him. The next section explores the specific customer complaints that triggered FINRA’s investigation.
Examination of Customer Complaints
Customers filed several complaints against Angelo Julius Piccone during his time as a financial advisor. The complaints showed a pattern of alleged misconduct, including unauthorized trading and misrepresentation of investment risks.
Details of Filed Complaints
The filed complaints against Angelo Julius Piccone reveal severe violations of investment guidelines and fiduciary responsibilities.
| Complaint Category | Details |
|---|---|
| Investment Suitability | – Recommended unsuitable investments to clients
– Directed 77% of client’s liquid assets into high-risk speculative investments |
| Fiduciary Breaches | – Failed to act in clients’ best interests
– Breached contract terms – Demonstrated negligent behavior |
| Misrepresentation | – Provided incorrect information about United Development Funding
– Made false statements about REIT investments – Gave misleading details about oil and gas partnerships |
| Current Status | – Active complaint pending against IBN Financial Services
– Multiple violations under FINRA investigation |
Resolutions and Settlements
Several complaints against Angelo Julius Piccone led to significant financial settlements. IBN Financial Services took action to resolve these issues through direct payments to affected investors.
- FINRA ordered Piccone to pay a $10,000 fine as part of disciplinary actions against his conduct.
- Piccone must return $23,905 in commissions earned from selling GWG L bonds to affected clients.
- IBN Financial Services settled two investor complaints through monetary compensation.
- One pending complaint remains under review against IBN Financial Services.
- FINRA enforced a 5-month suspension on Piccone’s ability to work as a financial advisor.
- Customer complaints cited specific violations including negligence and breach of fiduciary duty.
- IBN Financial Services took responsibility for resolving customer disputes through direct settlements.
Next, we will explore how this suspension impacts both Piccone’s career and his clients.
Implications of the Suspension
The suspension of Angelo Julius Piccone shows serious problems in financial services oversight. FINRA’s action against Piccone points to major failures at IBN Financial Services, including poor supervision and harmful trading practices.
His case reveals a pattern of misconduct that hurt investors, especially through the GWG bankruptcy in 2022. The suspension serves as a warning to other financial advisors about proper client care.
The impact reaches beyond Piccone to affect many investors who trusted the financial system. Unauthorized trading and fraud caused direct harm to clients’ investments and savings. Elder abuse cases and mismanaged trusts left lasting damage to vulnerable investors.
These issues demand stronger protection for investors through better industry standards and stricter enforcement of rules.
Conclusion
Angelo Piccone’s FINRA suspension serves as a stark warning about investment misconduct. Recent investigations revealed serious concerns about his investment recommendations and handling of client funds.
Investors must stay vigilant and review their investment portfolios regularly for any signs of misconduct. Legal help exists for those who lost money through GWG L bonds or other questionable investments.
Customers should contact qualified attorneys to explore their options for recovering losses. Financial professionals must uphold their duty to protect client interests and provide suitable investment advice.
