Investor Alleges William Lapiana Committed Fraud

William Lapiana (CRD #: 4580411), a broker registered with Newbridge Securities, is the subject of two pending disputes, according to his BrokerCheck record, accessed on August 6, 2022. Investors may also have engaged his services through Newbridge Financial Services Group. Keep reading to learn more about his conduct as a broker.

Investor Disputes

In a dispute filed on May 25, 2022, an investor alleged William Lapiana engaged in negligence, common law fraud, and breach of contract. The client seeks $184,000 in damages in this pending dispute.

On September 27, 2021, an investor alleged that William Lapiana made misrepresentations, gave unsuitable investment recommendations, overconcentrated their account(s), and failed to conduct due diligence. The client seeks $50,000 in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires that brokers tailor their investment recommendations to an investor’s profile. An investor’s profile includes information about their risk tolerance, tax status, and age. 

Brokers must also ensure that the investment strategies they recommend match an investor’s financial goals. Overconcentration in a particular stock or sector is frequently an unsuitable investment strategy because of the level of risk it entails.

Investors who feel their losses were caused by unsuitable investment recommendations may be able to recoup their losses through FINRA arbitration.

FINRA Rule 2020

FINRA Rule 2020 bans the use of deception, manipulation, and other fraudulent means of influencing investors’ decisions. Misrepresenting an investment’s potential returns, risks, limitations, or other relevant information violates this rule.

What is broker negligence?

Many types of broker behavior can qualify as negligent, ranging from omitting information to giving unsuitable investment recommendations to executing unauthorized trades. Investors may be able to recover money lost through broker negligence by seeking out FINRA arbitration.

Background Information

William Lapiana has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

William Lapiana is a registered broker in 21 states and the District of Columbia. He is also a registered investment adviser in New Jersey, New York, and Texas.

He has also worked for the following firms:

• ICM Capital Markets (CRD#:103725)
• Chicago Investment Group (CRD#:11853)
• TLG Advisors (CRD#:111052)
• Ladenburg Thalmann Asset Management (CRD#:108604)
• Ladenburg, Thalmann & Company (CRD#:505)
• Ladenburg Capital Management (CRD#:14623)

Kurta Law Can Help

If you worked with William Lapiana and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.