Chicago, ILRaymondo Londo, a former financial planner with the respected firm LPL Financial, is the subject of stockbroker arbitration stemming from allegations that the Grayslake resident operated a Ponzi scheme that successfully conned millions of dollars from unwitting investors over the course of a decade.
The allegations claim that the financial planner accepted money from clients under the guise of investments on behalf of an LPL account that would open new opportunities for clients. Financial Industry Regulatory Authority (FINRA) documents suggest that Londo actually diverted the money to a personal account to furnish his lavish lifestyle and alleged gambling addiction.
"The Ponzi scheme engaged in by Londo was brazen and obvious and kicked up dozens of supervisory red flags," prosecuting attorney Andrew Stoltmann, told Benzinga.com. "Londo was an addicted gambler with unpaid gambling debts and living a lifestyle far outside of his financial means. This scheme should have been detected and stopped right after it started."
Londo died shortly after his scheme was exposed, a fact that the news provider claims will limit the information available in the proceedings.
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