Angelo Piccone Allegedly Sold Unsuitable REIT

Angelo Piccone (CRD# 1401761[1]), formerly a broker registered with IBN Financial Services, recommended an unsuitable investment, according to a recent investor dispute. MDF Law is investigating the former Pittsford, New York financial professional for similar conduct. If you are a former client who suffered losses, contact us for a free consultation.

More information about the dispute involving Mr. Piccone follows below. This post is based on a January 16, 2025 review of his BrokerCheck profile, a Financial Industry Regulatory Authority record.

Disputes Alleged Suitability Violations, Misrepresentation

Three parties of investors have lodged disputes involving Mr. Piccone, according to FINRA records. Filed between 2017 and 2023, the claims included allegations of unsuitable investment recommendations, breach of contract, negligence, misrepresentation, and supervisory failures. They stemmed from investments in a number of products, including oil and gas partnerships and real estate investment trusts. Two claims specifically describe investments in United Development Funding III; one describes an investment in Behringer Harvard REIT I. His former member firm settled the disputes for a total of $103,000.

What Is United Development Funding III?

In 2018, the Securities and Exchange Commission entered judgments against United Development Funding III and related defendants. According to an SEC release[2], the judgments stemmed from a complaint alleging that UDF “used money from a newer fund to pay distributions to investors in an older fund.” When it paid these distributions, it allegedly failed to adequately disclose “the use of funds and the nature and status of loans made to developers.” As a result, UDF III paid at least $67 million in distributions to its investors with funds from UDF IV. The defendants paid $8,275,000 in disgorgement, prejudgment interest, and civil penalties to the SEC. 

Piccone Wealth Management Serves Individuals, Couples, Small Business

The website Alignable features a page for Piccone Wealth Management[3], the brand name under which Mr. Piccone formerly did business. The profile’s “About Us” section describes the firm as “A Financial planning company that seeks to implement sound resources for individuals, couples and small businesses.” It also describes the firm’s “Ideal Customer” as “an individual, couple or small business that needs sound, honest advice on how to reach their financial goals and establish a plan to make those goals a reality.”

FINRA: Broker Last Based in Pittsford, New York

Mr. Piccone started his career as a broker when he registered with MONY Securities in New York City in 1985. He worked at a variety of firms over the decades, including LifeMark Securities, MetLife Securities, and NEXT Financial Group. He joined his most recent broker-dealer firm, IBN Financial Services, in 2011. He remained at the firm’s branch office in Pittsford, New York until his departure in 2024. With 38 years of experience as a broker under his belt, he is no longer registered as a broker or an investment adviser.

REIT Losses? You May Have Recovery Options

If you lost money you couldn’t afford to lose on risky and/or unsuitable investments recommended by Angelo Piccone, you may have recovery options. Contact MDF Law[4] to go over your case. We have lengthy experience representing investors in FINRA arbitration proceedings, securing millions in recoveries. We take cases on contingency basis, meaning clients only pay a fee if they recover losses. Call 800-767-8040 today for a free consultation.