Last Updated: February 2024 (Frankfort, IL)
Carlo Panici Investigation Summary
Here’s what you need to know about Frankfort, IL, stockbroker Carlo Panici:
- Name: Mr. Cataldo Panici
- Current Employer: Wintrust Investments (Wayne Hummer Investments)
- Previous Firms: Bank of America Investment Services
- Function: Stock Broker/ Financial Advisor/ Registered Investment Advisor
- Aliases: Carlo Panici
- Primary Location: Frankfort, IL
- CRD 2112617
- Can Carlo Panici be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: No
- Highest Settlement or Award:$12,500
- Pending Customer Dispute Seeks Damages of $355,000
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Carlo Panici As Your Stockbroker?
Currently pending is a FINRA arbitration filed by a customer of Wintrust Investments who alleges that Carlo Panici misinformed and mismanaged the client account causing damages of $355,000. According to FINRA records the customer alleges Panici told them that investments in Northstar and Griffin Capital real estate investment trusts (REITs) would give good dividends that could be used to grow their children’s college fund. The customer also alleges that Panici took advantage of an elderly couple and their diminished capacity. This case was filed in 12/2023.
In 2020 a customer of Wintrust Investments was paid $12,500 to resolve allegations that Panici recommended speculative investments.
In 2009 a customer of Panici’s former employer Banc of America Investment Services filed a case in Cook County Circuit Court alleging that Panici made unsuitable recommendations causing losses of more than $1 million. That case was dismissed.
See this for more information on REITs and Other Alternative Investments
Information on Elder Financial Abuse
Allegations of Broker Misconduct Against Carlo Panici
Customers of Carlo Panici have alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendation to invest in alternative investments Northstar and Griffin REITs
- Recommended speculative investments
- Unsuitable recommendation to invest in mutual funds
- Took advantage of elderly couple and their diminished capacity
- Promised an 8 year return of their investment
- Misinformed and mismanaged the customer account
Alternative Investments: These are assets that are not stocks, bonds or cash. Alternative investments generally fall within five categories: hedge funds, private capital, natural resources (oil and gas, energy), real estate (REITs) and infrastructure. They are typically less liquid that conventional investments, less regulated with higher fees and generally higher risk. For more investigations involving Alternative Investments, see this.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Recover Your Investment Losses Now With Rex Securities Law
Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090)
Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer.
If you have suffered investment losses in an account handled by Carlo Panici, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.