Corporate & Securities Law

In connection with its continuing investigation of Hinsdale, Illinois-based adviser Robert Loffredi, SNSFE reports that on February 22, the Securities and Exchange Commission issued an Order Instituting Administrative Proceedings against Robert Loffredi. 

The Order finds that a civil action had been filed and that he has been permanently enjoined from future violations of the securities laws and that he has been permanently barred from the securities industry.  The Order finds that from at least August 2003 to October 3, 2007, Loffredi was a registered representative associated with Linsco/Private Ledger Corp., a broker-dealer registered with the SEC. 

Loffredi is the President of Raymond Financial Group, which until October 2007 operated as a branch office of Linsco.  The Order also finds that the Commission's complaint alleged that from at least August 2003 through October 2007, Loffredi, through Raymond Financial, raised at least $2.8 million from at least fourteen customers by falsely representing that he would invest their funds in securities, primarily in the form of purported certificates of deposit.  Instead of using the customers' money to purchase securities, Loffredi used the customers' funds to pay his personal and business expenses, to make payments to a company owned by his wife, Advanced Sales and Marketing Corp., to make disbursements to other customers who had invested in the fictitious securities, and on at least one occasion to make payments on behalf of his wife. 

SNSFE continues to investigate Loffredi and Raymond Financial and Linsco Private Ledger for this wrongdoing.