DAVID RAVARINO – Former LINCOLN FINANCIAL DISTRIBUTORS, INC. Broker Suspended by FINRA – May Recover Investor Losses
Former LINCOLN FINANCIAL DISTRIBUTORS, INC. Broker, David Ravarino Suspended by FINRA.
CRD#: 4391591
DAVID RICHARD RAVARINO (CRD#: 4391591), a former broker for LINCOLN FINANCIAL DISTRIBUTORS, INC. in RADNOR, PA, was recently suspended for six-months, and fined $10,000.00 after the broker consented to FINRA sanctions.
Without admitting or denying the findings, Ravarino consented to the sanctions and to the entry of findings that he engaged in an OBA without fully disclosing the activity to the member firms he was associated with during that period.
The findings stated that in 2016, Ravarino formed a limited liability company (LLC) to identify potential real estate investments. However, Ravarino used the LLC to provide consulting services to a company, a third-party administrator that provided administrative services to retirement plans.
The services Ravarino provided to the company included administrative tasks, strategic planning, and customer referrals. For his services, the company paid Ravarino, through the LLC, approximately $600,000.
Prior to February 2024, Ravarino did not notify his employing firms that he was providing consulting services to the company. Although Ravarino disclosed to each firm that he owned the LLC, he falsely stated that his outside activities through the LLC were limited to real estate and that he received only $1,500 annually from the LLC.
Ravarino also falsely stated on multiple firm compliance questionnaires that he had disclosed all OBAs.
Former LINCOLN FINANCIAL DISTRIBUTORS, INC. Broker, David Ravarino Suspended by FINRA.
Goodman & Nekvasil, P.A., is investigating brokers who may have unsuitably recommended investments to their clients.
St. Petersburg, Florida law firm Goodman & Nekvasil, P.A., has a national practice representing victimized investors. The firm continues to investigate brokerage firms that placed elderly retirees and other conservative investors in unsuitable investments.
Goodman & Nekvasil, P.A., has filed numerous cases against brokerage firms selling high-risk investments and has recovered more than $500 million dollars on behalf of victimized investors.
We allege in these cases that these investment recommendations were unsuitable for our clients in view of their financial situation, needs and investment objectives.
There is no charge for an evaluation of your case. We handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee.
If you incurred losses on your investment and would like your case evaluated by a securities attorney, please contact us.
Some of the information in this blog post was obtained from FINRA on 5/19/25. If you believe this information was reported incorrectly, please contact our firm: 1-800-500-4442.