$450K Dispute Filed Against J.P. Morgan Broker Richard Ciraco

J.P. Morgan broker Richard M. Ciraco (CRD #825969) is once again under scrutiny, with a new $450,000 customer dispute adding to a career marked by past complaints. Currently registered with J.P. Morgan Securities, where he has worked since 2002, Ciraco now has three customer disputes on his record — one pending and two resolved — that span more than three decades.

History of Customer Disputes Involving Richard M. Ciraco

Pending $450,000 Customer Dispute (2025)

The most recent complaint against Ciraco was filed on June 26, 2025, in Financial Industry Regulatory Authority (FINRA) arbitration. The customer alleges that Ciraco gave poor investment advice and made unsuitable recommendations tied to 529 plans and margin accounts between 2015 and January 2025. The claim seeks $450,000 in damages, and the matter remains pending.

Auction Rate Securities Case (2008)

Ciraco was also named in a dispute tied to the collapse of the auction rate securities (ARS) market in 2008. According to the complaint, a client had instructed him to sell certain ARS positions that did not meet fail-rate requirements, but the securities were not sold before the market froze. The case was part of a larger industry-wide problem with ARS, which left many investors unable to access their money. The matter was settled when the firm repurchased the securities for $6.94 million. Ciraco did not personally contribute to this settlement.

Drexel Commercial Paper Case (1991)

Earlier in his career, Ciraco was accused of recommending an unsuitable purchase of Drexel commercial paper, which involved $1.2 million plus an additional $334,000. After Drexel defaulted, the investor pursued claims in both federal and state court. While the case was eventually dismissed, the parties reached an out-of-court settlement for $25,000. Ciraco personally paid $5,000 toward that resolution.

What Investors Should Know

The history of complaints involving Ciraco spans decades, with allegations of unsuitable recommendations and trading practices recurring at multiple points in his career. While one pending case does not establish misconduct on its own, the pattern of disputes can raise concerns about whether risk management and suitability obligations were consistently met.

Unsuitable recommendations are particularly serious when they involve accounts that play critical roles in a client’s financial future, such as 529 college savings plans, or margin accounts that can magnify losses. Allegations of poor advice in these areas may have lasting consequences for investors.

It’s important to note that the latest arbitration matter is still pending, and no findings of fact have been made. However, investors who have worked with Ciraco may wish to carefully review their account history and consider whether any losses could be connected to unsuitable investment strategies.

Protect Your Rights as an Investor

Decades of disputes involving allegations of unsuitable recommendations and trading highlight the risks investors face when brokers fail to meet their obligations. If you have accounts managed by Richard Ciraco or J.P. Morgan Securities and are questioning the suitability of your investments, it’s important to understand your rights and potential recovery options.

Sonn Law Group has extensive experience representing investors nationwide in claims of broker misconduct, unsuitable advice, and securities disputes. Our team works on a contingency fee basis, so you won’t owe any fees unless we secure compensation on your behalf.

Call us today at 833-912-3000 or complete our online contact form to schedule a free, confidential consultation with our legal team.