Tony Lapia (CRD#: 1560467), a registered representative with Wells Fargo Clearing Services, LLC (CRD#: 19616) in Houston, Texas, is currently involved in a pending customer dispute in which a client is seeking more than $100,000 in damages. A client is alleging that Tony Lapia’s trading strategy was unsuitable, according to his BrokerCheck record accessed on April 3, 2020.
On February 4, 2020, Tony Lapia became involved in a customer dispute in which a client alleges that his trading strategy was unsuitable. The client alleges that this strategy did not align with their investment objectives. Brokers must recommend securities that are “suitable” for a client given the client’s risk tolerance, short-term and long-term investment objectives, need for liquidity, age, and other factors. In this case, a client is alleging that Tony Lapia did not take these factors into account when recommending securities to them. The conduct in question allegedly occurred from June 26, 2015 to November 30, 2018. The client is seeking $127,980 in damages; the matter is pending.
This is not the only disclosure on Tony Lapia’s BrokerCheck record. Tony Lapia previously lost a National Association of Securities Dealers (now Financial Industry Regulatory Authority)
arbitration. How did that come about? On July 26, 2001, a client from Texas filed a complaint against Tony Lapia, alleging that he failed to follow her instructions. She alleges that she instructed him to put a stop sale on a purchase of 5,000 shares, but he failed to do so. The client originally requested $140,000 in damages, but the client was ultimately granted $407,567.67 in damages after Tony Lapia lost an arbitration. A copy of the arbitration award can be viewed here.
In addition to Wells Fargo Clearing Services LLC, Tony Lapia has also worked for six other firms over his 32 years in the securities industry. He has also worked for:
- Painewebber Incorporated (CRD#: 8174)
- Oppenheimer & Co., Inc. (CRD#: 630)
- Lehman Brothers Inc. (CRD#: 7506)
- Smith Barney, Harris Upham & Co. Incorporated (CRD#: 7059)
- Blinder, Robinson & Co., Inc. (CRD#: 5096)
- Baraban Securities, Inc. (CRD#: 7659)
Tony Lapia has passed the Series 63 – Uniform Securities Agent State Law Examination, SIE – Securities Industry Essentials Examination, Series 7 – General Securities Representative Examination, and the Series 24 – General Securities Principal Examination. He is licensed to sell securities in California, Colorado, Florida, Indiana, Kansas, Louisiana, Nebraska, New Jersey, New York, Ohio, Oklahoma, Pennsylvania, and Texas.
If Tony Lapia was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta to learn about your options for recovery. Call (877) 238-4175 or email email@example.com for your free case consultation with a securities attorney.