Our firm is investigating LPL Financial LLC financial advisor Richard Francis Simonitis Jr. (CRD# 2263459) of North Royalton, Ohio for potential investment-related misconduct.
Financial Advisor’s Career History
According to his FINRA BrokerCheck report, Richard Francis Simonitis Jr. has been registered in the securities industry for decades and is currently registered with LPL Financial LLC (registered since 02/26/2007; investment adviser representative since 02/27/2007).
His reported securities registration history includes:
- PRUCO Securities Corporation (Newark, New Jersey): 09/1992 – 04/2000
- Linsco/Private Ledger Corp. (Fort Mill, South Carolina): 06/2000 – 11/2004
- UVEST Financial Services Group, Inc. (Middleburg Heights, Ohio): 11/2004 – 02/2007
- LPL Financial LLC (branch location listed as North Royalton, Ohio; employment shown as registered representative since 02/2007): 02/2007 – Present
FINRA BrokerCheck reflects two customer disputes disclosed for Mr. Simonitis: one denied matter from 2014 and one pending matter received in 2025.
Disclosure snapshot (for context):
- 03/25/2014 (Received) — Customer Complaint — Alleged unsuitable recommendations; products listed as Equity-OTC and Mutual Fund — Alleged damages: $250,000 — Disposition/Status Date: 08/29/2014 — Denied
- 02/07/2025 (Received) — Customer Complaint — Customer alleges advisor forged signature on account form — Product type: No Product — Alleged damages: $0 (not specified) — Status: Pending
Unsuitable Recommendations Allegation (Customer Complaint Received 03/25/2014)
A customer alleged that the financial advisor made unsuitable recommendations in connection with her investment, resulting in market loss. The product types identified include Equity-OTC and Mutual Fund, with alleged damages of $250,000. The complaint was received 03/25/2014 and reflects a denied outcome with a status date of 08/29/2014.
Forgery Allegation (Customer Complaint Received 02/07/2025) — Pending
A separate customer complaint (received 02/07/2025) alleges the advisor forged a signature on an account form. The disclosure lists Product Type: No Product and states alleged damages: $0.00 (with “no specified” noted regarding the amount). This matter is listed as pending.
To obtain a copy of Richard Francis Simonitis Jr.’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability) is central to allegations that an advisor made unsuitable recommendations. In a dispute like the 2014 complaint alleging unsuitable recommendations and market loss tied to Equity-OTC securities and mutual funds, the key issue is whether the recommendations aligned with the customer’s investment profile—such as objectives, risk tolerance, time horizon, liquidity needs, and overall circumstances—and whether the advisor had a reasonable basis to believe the recommendations were suitable before making them.
FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) broadly requires brokers and advisors to observe high standards of commercial honor. Allegations involving forged signatures on account forms—such as the pending 2025 complaint—often implicate Rule 2010 because falsifying or misrepresenting account documentation is inconsistent with just and equitable principles of trade, even before considering any resulting financial harm.
FINRA Rule 4511 (Books and Records) is often implicated when disputes involve account documentation and the integrity of customer records. Where a customer alleges a signature was forged on an account form, the dispute can raise questions about whether the firm and advisor maintained accurate records and whether required documentation was properly created, handled, and preserved in compliance with books-and-records obligations.
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.
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