Former Darien Man Barred from Financial Advising

DARIEN, CT — A former Darien man and Westport financial advisor has been banned from financial advising by the Securities and Exchange Commission after he was found guilty of stealing $1.2 million from a client.

Robert N. Tricarico, 60, of Milford, pleaded guilty in Hartford federal court to one count of wire fraud related to his misappropriation of more than $1.2 million from an elderly client. He was sentenced to 41 months in prison and ordered to pay restitution.

Until April 2015, Tricarico was a registered securities broker with the Financial Industry Regulatory Authority. He was formerly employed or associated with various financial firms, including RNT Wealth Management, Northstar Wealth Partners, LPL Financial, and Wells Fargo Advisors Financial Network.

According to court documents and statements made in court, from January 2010 to June 2013, Tricarico acted as a financial advisor for an elderly and infirm victim who had substantial assets.

Tricarico misappropriated more than $1.1 million from the victim by writing numerous checks to himself or for his benefit without the victim’s authorization, federal authorities said in a news release.

Tricarico also liquidated a coin collection belonging to the victim, and he misappropriated checks made payable to the victim, according to a statement. Tricarico used the stolen funds to make personal expenditures, documents state.

In pleading guilty, Tricarico also admitted that he defrauded two additional victims of $20,000 by falsely representing to them that he would use their investments for a business venture and guaranteed a rate of return, according to a statement. In fact, Tricarico used the victims’ funds for his own personal use, federal officials said.

As part of his plea, Tricarico has agreed to pay restitution in the amount of $1,220,763.90 to the victims of his crime.

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