Haselkorn & Thibaut, a national investment fraud law firm, has opened an investigation into East Hills, NY financial advisor Douglas Jordan Licari (CRD# 1081503) and his current employer, MML Investors Services, LLC. If you’ve worked with Mr. Licari or have concerns about your investments, understanding his regulatory history can help you make informed decisions about your financial future.
Who is Douglas Jordan Licari?
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Douglas Jordan Licari has been in the securities industry for several decades, currently operating out of East Hills, New York. His career spans multiple firms, giving him extensive experience in the financial services sector. However, his regulatory record reveals a pattern of customer complaints that investors should carefully consider.
Throughout his career, Mr. Licari has been associated with several well-known financial institutions:
- Current Employer: MML Investors Services, LLC
- Previous Employers: MSI Financial Services, Inc., Metropolitan Life Insurance Company, MONY Securities Corporation, and Pruco Securities Corporation
Red Flags in Douglas Licari’s Regulatory History
A thorough review of Mr. Licari’s BrokerCheck record reveals four customer complaints, with three resulting in monetary settlements. These complaints span from 1993 to 2024, indicating a concerning pattern over three decades.
Detailed Complaint History
| Year | Allegations | Settlement Amount | Status |
|---|---|---|---|
| 2024 | Unsuitable investment recommendations | $55,000 | Settled |
| 2018 | Unsuitable recommendations, breach of fiduciary duty | $50,000 | Settled |
| 2004 | Misrepresentation, unsuitable recommendations | N/A | Denied |
| 1993 | Policy replacement without proper disclosure | $3,644 | Settled |
Why These Complaints Matter to Investors
The pattern of unsuitable investment recommendations is particularly concerning. When a financial advisor repeatedly faces allegations of recommending investments that don’t match their clients’ risk tolerance, investment objectives, or financial situation, it raises serious questions about their practices.
Let’s break down why each type of allegation matters:
Unsuitable Recommendations
This is perhaps the most serious red flag. Financial advisors have a duty to recommend investments that align with your specific financial situation. When multiple clients over different time periods allege unsuitability, it suggests a potential pattern of prioritizing commissions over client interests.
Breach of Fiduciary Duty
The 2018 complaint specifically mentioned breach of fiduciary duty. This means the client believed Mr. Licari failed to act in their best interests – a fundamental obligation for financial professionals. A $50,000 settlement suggests the firm took these allegations seriously enough to avoid litigation.
Misrepresentation Allegations
The 2004 complaint included allegations of misrepresentation. While this complaint was denied, the combination with unsuitable recommendation claims creates a concerning picture when viewed alongside the other settled complaints.
What This Means for Current and Former Clients
If you’ve worked with Douglas Licari, you should consider reviewing your investment portfolio carefully. Ask yourself:
- Were your investments suitable for your age, risk tolerance, and financial goals?
- Did you fully understand the risks associated with your investments?
- Were all fees and commissions clearly disclosed?
- Did your portfolio experience unexpected losses that seemed inconsistent with your investment objectives?
The Importance of Multiple Settlements
Three settlements totaling over $108,000 represent a significant financial impact. While settlements don’t necessarily indicate guilt, they do suggest that the firms involved believed the claims had enough merit to warrant payment rather than fighting them in arbitration or court.
The most recent settlement of $55,000 in 2024 is particularly noteworthy. Despite decades of experience, allegations of unsuitable recommendations continue to surface, indicating potential ongoing issues with investment practices.
Your Rights as an Investor
If you’ve suffered investment losses while working with Douglas Licari, you have rights. The securities industry provides avenues for investors to recover losses caused by misconduct, unsuitable recommendations, or breach of fiduciary duty.
Time limits apply to filing claims, so it’s crucial to act promptly if you suspect wrongdoing. Even if you’re unsure whether you have a valid claim, speaking with experienced securities attorneys can help clarify your options.
Why Professional Legal Review Matters
Investment fraud and unsuitable recommendation cases can be complex. What might seem like normal market losses could actually be the result of misconduct. Experienced securities attorneys can review your portfolio, analyze your losses, and determine whether you have grounds for recovering your investments.
Take Action to Protect Your Financial Future
Haselkorn & Thibaut has over 50 years of experience helping investors recover losses from financial advisor misconduct. With a 98% success rate and millions recovered for clients nationwide, the firm operates on a “no recovery, no fee” basis, meaning you pay nothing unless they successfully recover funds for you.
If you’ve worked with Douglas Licari or MML Investors Services and have concerns about your investments, don’t wait. The experienced attorneys at Haselkorn & Thibaut can provide a free, confidential consultation to evaluate your situation.
Call Haselkorn & Thibaut today at 1-888-885-7162 for your free consultation. Their team of investment fraud lawyers will review your case, explain your options, and help you understand the best path forward to potentially recover your losses.
Remember, you worked hard for your money, and you deserve an advisor who puts your interests first. If you believe you’ve been the victim of unsuitable investment recommendations or other misconduct, taking action now could help protect your financial future.
