Our firm is conducting an investigation of suspended Idaho broker Vincenzo (”Vince”) Covino. Prior to his suspension, Covino worked at Prospera Financial Services and Legacy Wealth Management Group in Boise, having left LPL Financial in 2009.
Covino was suspended and fined by FINRA for borrowing hundreds of thousands of dollars from a client, a violation of firm policy and NASD rules. According to his settlement agreement with FINRA, Covino borrowed funds from his customer to finance the purchase of a house from the customer. When he defaulted on the loan, he surrendered the house. Covino has also become entangled with the customer, Aaron Hymas, who is under federal indictment. A federal bankruptcy court ordered Covino to return to Hymas $250,000 he had given him in advance of Hymas’s bankruptcy filing.
In addition to his FINRA disciplinary action, Covino is also the target of two FINRA complaints filed on behalf of more than 20 former clients who allege Covino wrongfully steered them into unsuitable investments, inappropriately put their assets at risk and caused them losses. He has also been the subject of multiple prior customer complaints concerning his sales of insurance and real estate investment trusts (”REITs”).
If you have suffered financial losses as a result of your dealings with Covino, Prospera Financial Services, Legacy Wealth Management Group, Beneficial Life Insurance, VSR Financial Services or LPL Financial, please contact us to discuss your legal rights by calling (212) 742-1414 or emailing firstname.lastname@example.org.