Advisor Alert: Our Attorneys Are Investigating David John Melilli For Investment Fraud
Did You Lose Money Because of David Melilli (previously with Cambridge Investment Research)?
Filed: October 25, 2023
David Melilli currently has been the subject of one (1) termination event, three (3) regulatory events, one (1) financial event, and three (3) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on David John Melilli.
Who Is David John Melilli?
- Advisor Name: David John Melilli
- Aliases: David Melilli
- CRD: 5254172
- Location: Moorestown, New Jersey
- Current Employer: No Longer Allowed to Practice in the Securities Industry
- Previous Firms: Cambridge Investment Research, Inc., Sagepoint Financial, Inc., and LPL Financial LLC
- Number of Known Customer Complaints: 3
- Number of Known Regulatory Events: 3
- Number of Known Termination Events: 1
- Number of Known Financial Events: 1
- Can David Melilli Be Sued: Yes, in Private Arbitration
- Can David Melilli’s Employers Be Sued For Failing to Supervise His Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $140,000
- Highest Settlement: $336,984.13
If you have suffered investment losses by David Melilli, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining an investment fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against David Melilli For Broker Misconduct
As of this publication date, David Melilli has been the subject of 1 termination event, 1 financial event, 3 regulatory events, and 3 customer disputes. Let’s review them below.
In November 2022, New Jersey Bureau of Securities initiated a regulatory action against or in reference to David Melilli for being the subject of an order of a self-regulatory organization, expelling Mr. Melilli from a self-regulatory organization.
In July 2022, FINRA initiated a regulatory action against or in reference to David Melilli for failing to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.
In November 2021, FINRA initiated a regulatory action against or in reference to David Melill. Without admitting or denying the findings, Mr. Melilli consented to the sanction and to the entry of findings that he refused to produce documents and information requested by FINRA in connection with its investigation into, among other things, whether he exercised discretion without written authorization in a client’s account.
In September 2020, a complaint was filed against or in reference to David Melilli by multiple customers of Sagepoint Financial, Inc. alleging that Mr. Melilli was involved in unauthorized trading. Per the customers, they lost over $5,000 because of Mr. Melilli’s actions On April 23, 2022, Mr. Melilli settled the claim for $150,000, and some or all of this amount may have been paid by Mr. Melilli’s employer and/or insurance carrier.
In September 2020, a complaint was filed against or in reference to David Melilli by a customer of Cambridge Investment Research, Inc. alleging that Mr. Melilli made risky investments that were not fully understood. Additionally, the client has concerns that management fees may not have been assessed correctly and is unsure if all of his accounts transferred to and from the firm.
In February 2020, a FINRA arbitration was filed against or in reference to David Melilli by a customer of Sagepoint Financial, Inc. alleging that Mr. Melilli was involved in unauthorized trading, breach of fiduciary duty, unsuitability, negligence, common law fraud, and 10(b) violation and churning. Per the customer, he/she lost over $140,000 because of Mr. Melilli’s actions On March 31, 2022, Mr. Melilli settled the claim for $336,984.13, and some or all of this amount may have been paid by Mr. Melilli’s employer and/or insurance carrier.
In January 2020, Cambridge Investment Research, Inc. terminated Mr. Melilli for placing discretionary trades without authority.
In May 2019, TD Ameritrade reported that Mr. Melilli owed $2,673. Mr. Melilli settled this and paid the creditor $1,872.
How To File A Claim Against David Melilli (previously with Cambridge Investment Research, Inc., Sagepoint Financial, Inc., and LPL Financial LLC) To Get Your Money Back.
If you have questions about David Melilli, Cambridge Investment Research, Inc., Sagepoint Financial, Inc., LPL Financial LLC, or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.