April 7, 2026
ChapmanAlbin is investigating David John Taddeo (CRD 1163829), a former broker and branch manager who worked at LPL Financial, LLC in La Mesa, California. According to a FINRA disciplinary action accepted in December 2025, Taddeo solicited three customers to invest a combined $255,000 in promissory notes from an outside company without disclosing those transactions to LPL, then quietly settled complaints from two of those customers out of pocket while falsely certifying on annual compliance questionnaires that none of it had occurred. FINRA suspended Taddeo in all capacities for four months and fined him $7,500. LPL discharged him in February 2024. If you invested with David Taddeo and have questions about outside investments or products that were not fully explained to you, this page describes what the public record shows. This page is based on public records including FINRA BrokerCheck and FINRA disciplinary records.
CRD: 1163829
Most recent firm: LPL Financial, LLC, La Mesa, California
Registration status: Not currently registered
FINRA BrokerCheck: View David Taddeo on BrokerCheck
Primary concern: Participating in private securities transactions without firm notice; settling customer complaints without firm knowledge or consent
Products mentioned in public records: Promissory notes; private placements; variable annuities (customer complaints)
Regulatory action: Four-month suspension in all capacities (January 5 through May 4, 2026), $7,500 fine
FINRA Case: 2024081095602
Termination: Discharged by LPL Financial, LLC on February 9, 2024
David John Taddeo (CRD 1163829) first registered with FINRA in 1983 and joined LPL Financial, LLC (CRD 6413) in September 2000, where he served as a registered representative and branch manager in La Mesa, California until his discharge in February 2024. He held a General Securities Principal registration and is no longer registered with any FINRA member. His full registration history and disclosure record are available on FINRA BrokerCheck.
Beyond the FINRA AWC, BrokerCheck shows seven customer disputes. Four settled complaints involved variable annuity misrepresentation allegations, with total firm-level settlement amounts exceeding $860,000; Taddeo’s individual contribution in those matters was reported as $0. The complaint tied to the promissory note transactions settled for $107,500, with Taddeo as the individual contributor. A pending FINRA arbitration filed in July 2025 (Case No. 25-01528) alleges misrepresentation and suitability issues involving a variable annuity recommendation in 2010, with alleged damages of $202,000.
FINRA accepted an AWC from Taddeo on December 30, 2025, finding violations of FINRA Rules 3280 and 2010 for participating in private securities transactions without firm notice, and a separate violation of Rule 2010 for settling customer complaints without the firm’s knowledge. Taddeo was suspended in all capacities for four months, running from January 5 through May 4, 2026, and fined $7,500. He had already been discharged by LPL and was not registered at the time the AWC was accepted.
In August and September 2020, Taddeo directed three LPL customers to invest in promissory notes issued by an outside company without telling LPL. He introduced the customers to the opportunity, shared information about the company, and helped two of them sell existing holdings in their LPL accounts to generate the funds. The three customers invested a combined $255,000. FINRA rules require brokers to give their firm written notice before participating in any securities transaction outside their regular employment, and LPL’s own procedures required written approval. Taddeo skipped that process entirely.
When the company defaulted on the notes and two customers complained, Taddeo paid them back personally rather than reporting the complaints to LPL as required. He then continued to certify on annual questionnaires that he had not participated in outside transactions and had not settled complaints away from the firm. That pattern continued from 2020 through 2023. LPL only found out in December 2023, when the third customer put a complaint in writing.
When a broker sells investments outside of their firm without disclosure, investors lose the protection that firm oversight is supposed to provide. The firm cannot evaluate whether the investment is appropriate, verify the issuer, or identify conflicts of interest. That is the core harm in selling away cases.
The repeated false certifications on compliance questionnaires also raise misrepresentation and omission concerns. Investors directed into the promissory notes had no way of knowing those transactions were happening entirely outside of LPL’s awareness or approval.
If you were a customer of David Taddeo and invested in promissory notes, a private placement, or any outside investment that did not appear to go through LPL, you may have grounds to pursue a claim through FINRA arbitration. The fact that Taddeo personally repaid two customers does not mean all affected investors have been made whole.
ChapmanAlbin works on contingency, meaning there is no cost to you unless we recover money on your behalf. If you have concerns about investments made through David Taddeo, the first step is a free consultation with one of our attorneys.
FINRA found that Taddeo solicited three LPL customers to invest $255,000 in promissory notes from an outside company without notifying LPL as required, personally repaid two customers after the company defaulted without disclosing those settlements to the firm, and falsely certified on annual compliance questionnaires over multiple years that none of this had occurred. FINRA suspended him in all capacities for four months and fined him $7,500.
Selling away occurs when a broker recommends or facilitates an investment that exists entirely outside of their firm, without the firm’s knowledge or approval. It matters because firm oversight is part of what protects investors. When a broker bypasses that process, no one reviews whether the investment is appropriate, whether the issuer is legitimate, or whether the broker has a conflict of interest.
Possibly. A repayment of principal does not necessarily mean you were fully compensated. If you lost expected returns, liquidated other holdings to fund the investment, or suffered related harms, there may still be recoverable damages. The right starting point is a conversation with an attorney who can evaluate your specific situation.
According to BrokerCheck, a FINRA arbitration filed in July 2025 alleges that Taddeo misrepresented the terms of a variable annuity sold in 2010, with alleged damages of $202,000. This case is still pending and no findings have been made. Investors with concerns about variable annuity recommendations from Taddeo should be aware it is part of his public disclosure record.
ChapmanAlbin works on contingency. If we take your case and do not recover money for you, you owe us nothing. There is no upfront fee, and no cost to speak with one of our attorneys in a free initial consultation.
This page is for informational purposes only and does not constitute legal advice. The information presented is based on publicly available records including FINRA BrokerCheck and FINRA disciplinary filings. Past outcomes are not a guarantee of future results. Every matter depends on its own facts and circumstances and should be evaluated individually. This site contains attorney advertising. Any reference to past cases or successes should not be construed as a guarantee of any future outcome.
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