FINRA fined and suspended former Capital Financial Services, Inc. (Carlsbad, CA) broker Anthony Paul Lombardi for failing to disclose an outside business in which he sold insurance and received sales commissions. Lombardi has also been the subject of two customer disputes in recent years, including a settled dispute that alleged fraud, misrepresentation, and breach of fiduciary duty. A pending dispute additionally alleges elder abuse and fraudulent concealment.
The report states that Lombardi failed to disclose to Capital Financial that he was the sole officer and shareholder of The Lombardi Group of Companies, Inc., a California corporation through which he conducted an insurance business.
Capital Financial's own procedures required its associates to complete and submit an Outside Business Activity Request form at least 10 days prior to engaging in the activity, and the findings indicate this is something Lombardi failed to do from 2013 through the end of his registration with Capital Financial in November of 2015.
Lombardi (CRD #2921904)'s BrokerCheck report indicates two recent customer disputes: a 2014 dispute from Lombardi's time at Centaurus Financial that was settled for $250,000 in connection with allegations including breach of fiduciary duty, fraud, negligent misrepresentation, negligence, misrepresentations and/or omissions of material fact, breach of written contract, and negligent supervision.
FINRA listed the product type for this settled dispute as "Insurance" and "Other: General Partnership."
A pending dispute against Lombardi from 2015 similarly alleges breach of fiduciary duty, fraud/intentional misrepresentation, constructive fraud, fraudulent concealment, conversion, elder abuse, violations of securities laws, and failure to supervise. That complaint seeks $150,000 in damages.
If you have invested with former Capital Financial Services broker Anthony Paul Lombardi or with any broker or financial adviser whose engagement in an undisclosed outside business activity or whose misrepresentations, negligence or fraud has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.
(Carlsbad, CA) broker Anthony Paul Lombardi for failing to disclose an outside business in which he sold insurance and received sales commissions. Lombardi has also been the subject of two customer disputes in recent years, including a settled dispute that alleged fraud, misrepresentation, and breach of fiduciary duty. A pending dispute additionally alleges elder abuse and fraudulent concealment.
The report states that Lombardi failed to disclose to Capital Financial that he was the sole officer and shareholder of The Lombardi Group of Companies, Inc., a California corporation through which he conducted an insurance business.
Capital Financial's own procedures required its associates to complete and submit an Outside Business Activity Request form at least 10 days prior to engaging in the activity, and the findings indicate this is something Lombardi failed to do from 2013 through the end of his registration with Capital Financial in November of 2015.
Lombardi (CRD #2921904)'s BrokerCheck report indicates two recent customer disputes: a 2014 dispute from Lombardi's time at Centaurus Financial that was settled for $250,000 in connection with allegations including breach of fiduciary duty, fraud, negligent misrepresentation, negligence, misrepresentations and/or omissions of material fact, breach of written contract, and negligent supervision.
FINRA listed the product type for this settled dispute as "Insurance" and "Other: General Partnership."
A pending dispute against Lombardi from 2015 similarly alleges breach of fiduciary duty, fraud/intentional misrepresentation, constructive fraud, fraudulent concealment, conversion, elder abuse, violations of securities laws, and failure to supervise. That complaint seeks $150,000 in damages.
If you have invested with former Capital Financial Services broker Anthony Paul Lombardi or with any broker or financial adviser whose engagement in an undisclosed outside business activity or whose misrepresentations, negligence or fraud has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.