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David John Melilli formerly with Cambridge Investment Research, Inc. and SagePoint Financial, Inc. Has 3 Customer Complaints For Alleged Broker Misconduct In the Past Year

Who is David J. Melilli formerly with Cambridge Investment Research, Inc.?

David Melilli (CRD #5254172) who was formerly registered with Cambridge Investment Research, Inc. and located in Moorestown, New Jersey is a subject of one of our many securities industry sales practice abuse investigations. Prior to Cambridge Investment Research, Inc., David Melilli was associated with SagePoint Financial, Inc. and LPL Financial LLC and four other investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems.

In January 2020, David Melilli was terminated by Cambridge Investment Research, Inc. for allegedly placing discretionary trades without the written authority. Such conduct, if it occurred, is a violation of FINRA Rule 2510.  David Melilli claims he completed the incorrect paperwork for a non-discretionary commission account instead of a discretionary managed account but it appears as employee did not believe as he was discharged from employment at that firm.

SagePoint Financial, Inc. Broker Misconduct

In his career, David Melilli has been the subject of 3 customer complaints that we know about, all of those complaints were filed in the last year to recover investment losses. One of those complaints was recently denied by his former employer, and to date customer has not taken any further action. There are currently two pending customer complaints filed against David Melilli’s former employer, SagePoint Financial, Inc., for investment losses caused by his alleged misconduct.

Allegations Against David Melilli

A sample of the allegations made in the FINRA reported arbitration claim settlements and pending complaints for investment losses are as follows:

  • Client’s alleged unauthorized trading involving options.
  • Claimants alleged unauthorized trading, breach of fiduciary duty, unsuitability, churning, negligence, common law fraud, and violation of the federal securities laws.

David Melilli Red Flags & Your Rights As An Investor

Of course, David Melilli did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of David Melilli at Cambridge Investment Research, Inc., SagePoint Financial, Inc. and LPL Financial LLC on alert to review carefully the activity and performance of their accounts and question whether David Melilli has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at SagePoint Financial, Inc. about David Melilli also raises questions about its supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.

File A Claim To Recover Your Investment Losses At Cambridge Investment Research, Inc. and SagePoint Financial, Inc.

If you have questions about Cambridge Investment Research, Inc., Sagepoint Financial, Inc., LPL Financial LLC and/or David Melilli and the management or performance of your accounts please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.

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Robert Wayne Pearce

Robert Wayne Pearce of The Law Offices of Robert Wayne Pearce, P.A. has been a trial attorney for more than 40 years and has helped recover over $170 million dollars for his clients. During that time, he developed a well-respected and highly accomplished legal career representing investors and brokers in disputes with one another and the government and industry regulators. To speak with Attorney Pearce, call (800) 732-2889 or Contact Us online for a FREE INITIAL CONSULTATION with Attorney Pearce about your case.

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