Articles Tagged with Angelo Piccone

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Angelo Piccone (Piccone), previously associated with IBN Financial Services, Inc., has at least one disclosable event. These events include one tax lien, alleging that Piccone recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on January 29, 2025.

Without admitting or denying the findings, Piccone consented to the sanctions and to the entry of findings that he willfully violated Reg BI by recommending 11 sales of speculative, illiquid alternative investments totaling $457,000 to a retail customer. The finding stated that the customer had a moderate risk tolerance, an annual income of no more than $25,000, and a net worth, not including primary residence, of $587,438. The customer’s investment objectives were preservation of capital, current income, and funding retirement, and they did not include speculation. Piccone earned $23,905.81 in commission in connection with his recommendations of these alternative investments to the customer. As a result of Piccone’s recommendations, the customer became 77% concentrated in alternative investments, including a 15% concentration in speculative bonds. Piccone’s recommendations were not in the customer’s best interest based on her investment profile, including her moderate risk tolerance. The findings also stated that Piccone used his personal mobile device to exchange text messages with the customer to conduct securities business. In one of those communications, Piccone made an unbalanced, promissory and misleading statement to the customer regarding the prospects for recovery related to one of her investments. Because Piccone used an unapproved channel for business-related communications, the firm was unable to preserve those communications as required.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Angelo Piccone (Piccone), previously associated with IBN Financial Services, Inc., has at least 2 disclosable events. These events include one customer complaint, one tax lien, alleging that Piccone recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on January 29, 2025.

Without admitting or denying the findings, Piccone consented to the sanctions and to the entry of findings that he willfully violated Reg BI by recommending 11 sales of speculative, illiquid alternative investments totaling $457,000 to a retail customer. The finding stated that the customer had a moderate risk tolerance, an annual income of no more than $25,000, and a net worth, not including primary residence, of $587,438. The customer’s investment objectives were preservation of capital, current income, and funding retirement, and they did not include speculation. Piccone earned $23,905.81 in commission in connection with his recommendations of these alternative investments to the customer. As a result of Piccone’s recommendations, the customer became 77% concentrated in alternative investments, including a 15% concentration in speculative bonds. Piccone’s recommendations were not in the customer’s best interest based on her investment profile, including her moderate risk tolerance. The findings also stated that Piccone used his personal mobile device to exchange text messages with the customer to conduct securities business. In one of those communications, Piccone made an unbalanced, promissory and misleading statement to the customer regarding the prospects for recovery related to one of her investments. Because Piccone used an unapproved channel for business-related communications, the firm was unable to preserve those communications as required.