Bill Czaplewski: Lake Ridge Advisor Faces Suitability Complaint

A recent investor complaint against Monona, Wisconsin financial advisor Bill Czaplewski (CRD# 2386057) alleges that his advice resulted in losses. Financial Industry Regulatory Authority records show that he is currently registered as a broker and an investment advisor with LPL Financial, doing business as Lake Ridge Financial.

Mr. Czaplewski’s BrokerCheck report discloses two investor complaints. The most recent, filed in March 2024, alleges that as a representative of LPL Financial, he recommended an unsuitable real estate investment. The pending complaint alleges unspecified damages.

In a statement included with the complaint’s disclosure, Mr. Czaplewski defended himself against the allegations, which he describes as concerning investments made more than 10 years ago. “The client invested $145,000 in a real estate investment trust, a very modest portion of his total liquid assets of more than $2.3 million,” he writes. “He understood that the investment was not liquid and was intended to provide diversification from his other investments. While, unfortunately, the investment ultimately did not perform as we had expected, the investment was suitable based on the information that was known at the time of my recommendation.” In conclusion, he denies any wrongdoing and says he will assist the firm in a defense against the “false allegations.”

An earlier investor complaint, filed in 2018, alleged that as a representative of LPL Financial, he made unsuitable investment recommendations. The complaint reached a settlement of $5,000.

Lake Ridge Financial’s website includes a profile of Mr. Czaplewski that describes his background and services. “I really enjoy helping clients work with investment options and plan for their family’s future,” he states in the profile. “Helping people make decisions they are comfortable with has always been my approach.”

According to the Financial Industry Regulatory Authority, Bill Czaplewski holds 30 years of securities industry experience. Based in Monona, Wisconsin, he has been a broker and an investment advisor with LPL Financial since 1994 and 1995, respectively, doing business as Lake Ridge Financial. His registration history includes GNA Securities (Glen Allen, Virginia; 1994) and Aegon USA Securities (Cedar Rapids, Iowa; 1993-1994). His credentials include the passage of four securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 22 state licenses. (Information current as of May 31, 2024.)

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