Richard M. Ciraco (CRD# 825969) is a long-tenured stockbroker and investment adviser representative currently registered with J.P. Morgan Securities LLC in New York, New York. Our firm is investigating allegations of investment-related misconduct involving Mr. Ciraco, including a significant pending FINRA arbitration alleging unsuitable recommendations and poor investment advice.
Stockbroker’s Career History
Richard Ciraco has worked in the securities industry since the 1970s, with his career spanning multiple broker-dealer firms:
- J.P. Morgan Securities LLC — 2002 to present
- Prudential-Bache Securities Inc. — 1984 to 1988
- Bache Halsey Stuart Inc. — 1976 to 1977
- Firm CRD# 7058 — 1976
His disclosures also reflect long-term employment with JPMorgan Chase Bank, N.A. starting in 2010, and dual registration across dozens of states and exchanges.
Richard M. Ciraco Fraud Allegations and Investor Complaints Explained
FINRA records disclose three customer disputes involving Richard Ciraco: one pending, one settled, and one dismissed.
Pending FINRA Arbitration (2025)
- Date Received: June 26, 2025
- Status: Pending
- Allegations: Customer alleges poor advice and unsuitable recommendations involving 529 accounts and margin accounts.
- Activity Dates: 2015 – January 2025
- Product Type: Mutual Funds
- Requested Damages: $450,000
- Forum: FINRA Arbitration (Case No. 25-01215)
Customer Dispute Settled (2008–2009)
- Reporting Source: Broker
- Firm Involved: Bear, Stearns & Co. Inc.
- Allegations: Mismanagement of auction rate securities (ARS); client claims he instructed Ciraco to sell ARS lacking a fail rate of at least 9%.
- Settlement Amount: $6,940,000 (customer repurchase of ARS per FINRA Regulatory Notice 09-12)
- Broker Contribution: $0
- Status Date: June 2, 2009
- Alleged Damages: $0 reported (ARS repurchased at par)
Customer Dispute Dismissed (1990–1997)
- Reporting Source: Broker
- Firm Involved: Home Capital Services Inc.
- Allegations: Purchases of Drexel commercial paper totaling $1.534 million, which defaulted upon maturity.
- Damages Claimed: $1,586,000
- Court: U.S. District Court, Southern District of New York
- Outcome: Dismissed; later settled in state court for $25,000
- Broker Contribution: $5,000
- Disposition Date: April 8, 1997
Summary of Disclosures
- Pending arbitration (2025): Unsuitable recommendations; $450,000 claimed.
- Settled customer dispute (2009): ARS liquidity breakdown; $6.94 million settlement (no broker contribution).
- Dismissed civil litigation (1997): Drexel commercial paper default; $25,000 nuisance-value settlement ($5,000 broker contribution).
To obtain a copy of Richard Ciraco’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability)
FINRA Rule 2111 requires brokers to have a reasonable basis to believe investment recommendations are suitable based on a customer’s investment profile, including goals, risk tolerance, financial situation, and liquidity needs. The pending 2025 complaint alleges unsuitable recommendations involving both margin accounts and 529 plans—products that require heightened suitability analysis because of leverage risks and long-term education planning objectives. If the allegations are proven, such recommendations may be deemed in violation of Rule 2111 for failing to match the customer’s needs and risk tolerance.
FINRA Rule 2010 (Standards of Commercial Honor)
FINRA Rule 2010 requires brokers to uphold high standards of commercial honor and just and equitable principles of trade. Unsuitable recommendations, poor advice, and margin misuse—as alleged in the pending arbitration—may constitute conduct inconsistent with these standards. Even absent intentional misconduct, repeated patterns of unsuitable investment advice can result in discipline under Rule 2010.
FINRA Rule 3110 (Supervision)
FINRA Rule 3110 applies to firms rather than individual brokers, allegations of long-term unsuitable investment strategies (2015–2025) may raise concerns about whether J.P. Morgan Securities maintained a supervisory system reasonably designed to detect and prevent unsuitable mutual fund and margin transactions. Complaints involving extended time periods frequently trigger supervisory-failure scrutiny, especially when involving retail investors and education planning accounts.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.
