Advisor Alert: Our Attorneys Are Investigating Thomas Povinelli For Investment Fraud
Did You Lose Money Because of Thomas Povinelli?
Filed: October 26, 2023
Thomas Povinelli has been the subject of one (1) regulatory 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 Thomas Povinelli.
Who Is Thomas Povinelli of Osaic Wealth, Inc.?
- Advisor Name: Thomas Povinelli
- Aliases: Thomas Povinelli
- CRD: 1326492
- Location: Old Greenwich, Connecticut
- Current Employer: Osaic Wealth, Inc.
- Previous Firms: Royal Alliance Associates, Inc., Prime Capital Services, Inc., and North Ridge Securities Corp.
- Number of Known Customer Complaints: 3
- Number of Known Regulatory Events: 1
- Can Thomas Povinelli Be Sued: Yes, in Private Arbitration
- Can Thomas Povinelli’s Employers Be Sued For Failing to Supervise His Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $3,450,000
- Highest Settlement: $50,000
If you have suffered investment losses by Thomas Povinelli, 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 Thomas Povinelli For Broker Misconduct
As of this publication date, Thomas Povinelli has been the subject of 1 regulatory event and 3 customer disputes. Let’s review them below.
In March 2022, a FINRA arbitration was filed against or in reference to Thomas Povinelli by multiple customers of Royal Alliance Associates, Inc. alleging that the recommendation of an alternative investment product was not in keeping with their investment objectives and needs, and that the firm and the representative did not research the investment adequately before making the recommendation to the clients. Per the customers, they lost over $275,000 because of Mr. Povinelli’s actions. On January 13, 2023, Mr. Povinelli settled the claim for $50,000, and some or all of this amount may have been paid by Mr. Povinelli’s employer and/or insurance carrier.
In March 2020, a FINRA arbitration was filed against or in reference to Thomas Povinelli by a customer of Royal Alliance Associates, Inc. alleging that Mr. Povinelli made unsuitable recommendations in high-risk investments. Per the customer, he/she lost over $50,000 because of Mr. Povinelli’s actions. On December 29, 2020, Mr. Povinelli settled the claim for $35,000, and some or all of this amount may have been paid by Mr. Povinelli’s employer and/or insurance carrier.
In March 2020, a complaint was filed against or in reference to Thomas Povinelli by a customer of Royal Alliance Associates, Inc. alleging that Mr. Povinelli made unsuitable investment recommendations and the client also added that the annuity contracts were issued in the wrong state. Per the customer, he/she lost over $3,450,000 because of Mr. Povinelli’s actions.
In May 2011, FINRA initiated a regulatory action against or in reference to Thomas Povinelli for selling variable annuities to a husband and wife. The applications were signed by the customers in New York however, Povinelli indicated on the applications that they had been signed in Florida. Povinelli also inserted dates of signing on the documents that were inaccurate. Povinelli then submitted the applications to the insurance company issuing the annuities. Because Povinelli indicated on the two applications that the customers had signed the forms in Florida, the customers did not receive the benefit of New York Regulation 60, which would have provided them with a right of rescission of the replacement annuity and reinstatement of the surrendered annuity within 60 days.
How To File A Claim Against Thomas Povinelli of Osaic Wealth, Inc. (previously with Royal Alliance Associates, Inc., Prime Capital Services, Inc., and North Ridge Securities Corp.) To Get Your Money Back.
If you have questions about Thomas Povinelli, Osaic Wealth, Inc., Royal Alliance Associates, Inc., Prime Capital Services, Inc., North Ridge Securities Corp., 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. Our team has recovered approximately $25 million dollars on behalf of investors who lost money due to bad advice by their broker or brokerage firm. We’d love to help you out too.