Louis Wargo: Osaic Advisor Receives $137K Complaint

Brecksville, Ohio financial advisor Louis Wargo (CRD# 1416101) has received multiple investor complaints alleging that he recommended unsuitable alternative investments. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Osaic Wealth.

Mr. Wargo’s BrokerCheck report discloses several investor complaints. The most recent, filed in March 2024, alleges that as a representative of FSC Securities Corporation, he recommended and sold an unsuitable alternative investment. The pending complaint alleges damages of $137,000.

A second investor complaint, filed in 2023, similarly alleged that he sold an unsuitable alternative investment while registered with FSC Securities Corporation. The pending complaint alleges damages of $40,000.

A third investor complaint, filed in 2021, alleged that as a representative of FSC Securities, he acted negligently, over-concentrated the customer’s account, breached his fiduciary duty, breached contract, and made material misrepresentations and omissions. The complaint reached a settlement of $19,000.

A fourth investor complaint, filed in 2020, alleged that as a representative of FSC Securities, he over-concentrated the customer’s account in alternative investments. In 2021 the complaint reached a settlement of $45,000.

Mr. Wargo’s website includes a page describing his approach to working as a financial advisor, offering securities and advisory services through Osaic Wealth. “No one strategy fits everyone, which is why every client gets our undivided attention—from planning to execution to follow-up,” it states. “We take a proactive approach to helping you develop a strategy to address your financial goals and objectives, using the most efficient methods available.”

According to the Financial Industry Regulatory Authority, Louis Wargo holds 29 years of securities industry experience. Based in Brecksville, Ohio, he has been registered as a broker and an investment advisor with Osaic Wealth since 2023. His past registrations include FSC Securities Corporation (Brecksville, Ohio; 2003-2023), AXA Advisors (Cleveland, Ohio and New York, New York; 1995-2003), the Equitable Life Assurance Society of the United States (New York, New York; 1995-2000), and Merrill Lynch (New York, New York; 1994-1995). His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE: the Investment Company Products/Variable Contracts Representative Examination, or Series 6TO; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 24 state licenses. (Information current as of June 9, 2024.)

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