Angelo Piccone: FINRA Suspends Piccone Wealth Advisor

Former Pittsford, New York financial advisor Angelo Piccone (CRD# 1401761) has been sanctioned and suspended in connection with alleged rule violations. Financial Industry Regulatory Authority records show that he was previously registered as a broker with IBN Financial Services, doing business as Piccone Wealth Management.

A Letter of Acceptance, Waiver, and Consent (No. 2022076855802) issued by FINRA describes its disciplinary action against Mr. Piccone. Filed in January 2025, it alleges that as a representative of IBN Financial Services, he recommended a customer invest 77% of her net worth in speculative of alternative investments. This recommendation was not in her best interest, according to FINRA, and constituted a willful violation of the Regulation Best Interest and FINRA Rule 2010.

According to the AWC Letter, the investments in question were GWG L bonds, which FINRA describes as unsecured and unrated bonds. As it notes, GWG stated in its own offering materials that these bonds “could be considered speculative, involved a high degree of risk, were illiquid, and were only suitable for persons with substantial financial resources and with no need for liquidity.” In 2022, GWG “defaulted on its obligations to L Bond investors,” suspended sales of further bonds, and filed for bankruptcy.

FINRA also found that Mr. Piccone used his mobile phone to text with the customer in question to conduct securities business. In these messages, according to FINRA, he “made an unbalanced, promissory and misleading statement to the customer regarding the prospects for recovery related to one of her investments.” As the regulator alleged, his use of an unapproved channel for business communications caused his firm to maintain inaccurate books and records, because the communications were not preserved. In addition to concluding that this violated securities law and FINRA rules, FINRA also found that his unbalance, promissory, and misleading communication violated FINRA rules 2210 and 2010.

Mr. Piccone’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in 2023, alleged that as an IBN Financial Services representative, he recommended an unsuitable investment. In 2024 the complaint reached a settlement of $63,000.

A second investor complaint, filed in 2017, alleged that as an IBN representative, he recommended unsuitable investments in oil and gas partnerships and REITs. In 2018 the complaint reached a settlement of $20,000. A third investor complaint, filed in 2018, alleged that as a representative of IBN Financial, he acted negligently, breached contract, misrepresented material facts, and breached his fiduciary duty in connection with investments in United Development Funding and Behringer Harvard REIT I. In 2019 the complaint reached a settlement of $20,000.

According to the Financial Industry Regulatory Authority, Angelo Piccone holds 38 years of securities industry experience. Most recently based in Pittsford, New York, he was registered with IBN Financial Services from 2011 until 2024, doing business as Piccone Wealth Management. His registration history includes Ensemble Financial Services, NEXT Financial Group, MetLife Securities, and Securities America. He is not currently registered as a broker or an investment advisor. (Information current as of January 29, 2025.)

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