Our firm is investigating MADISON AVENUE SECURITIES, LLC stockbroker and McAdam LLC investment adviser representative Patrick James Chirchirillo (CRD# 6163577) of Philadelphia for potential investment-related misconduct.
Stockbroker’s Career History
Based on his FINRA BrokerCheck report, Patrick James Chirchirillo has been registered with the following firms:
- Madison Avenue Securities, LLC — Registered representative (FINRA) since 01/03/2025 (branch office listed in Philadelphia, Pennsylvania)
- McAdam LLC — Investment adviser representative since 10/06/2014 (branch office listed in Radnor, Pennsylvania)
- Purshe Kaplan Sterling Investments — Registered representative 10/2014 to 12/2024 (Philadelphia, Pennsylvania listed in registration history)
- Voya Financial Advisors, Inc. — Broker and investment adviser registrations 07/2013 to 10/2014 (Philadelphia, Pennsylvania and Windsor, Connecticut listed in registration history)
Patrick James Chirchirillo Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck reflects one (1) customer dispute disclosure for Patrick James Chirchirillo.
Disclosure recap (for context)
- Customer Dispute — Settled (FINRA Arbitration No. 21-02448)
- Allegations: Unsuitable investments and misleading statements regarding an investment in two REITs
- Product Type: Real Estate Security
- Alleged Damages: $150,000.00
- Date Complaint Received: 09/30/2021
- Filing Date (FINRA arbitration): 09/29/2021
- Status/Resolution: Settled (Status Date 11/03/2023)
- Settlement Amount: $65,000.00
- Individual Contribution Amount: $0.00
- Employing firm at time of alleged conduct: Purshe Kaplan Sterling Investments
Customer Dispute — Settled (FINRA Arbitration No. 21-02448)
According to the BrokerCheck disclosure, the client alleged unsuitable investments and misleading statements concerning an investment in two REITs (Real Estate Security). The complaint was received September 30, 2021, and the FINRA arbitration was filed September 29, 2021 under Docket/Case No. 21-02448. The claim listed alleged damages of $150,000.00 and later settled for $65,000.00 with no individual contribution reported for the broker (listed as $0.00). The matter reflects a settled status date of November 3, 2023.
To obtain a copy of Patrick James Chirchirillo’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability) generally requires that a broker have a reasonable basis to believe a recommendation is suitable for the customer based on the customer’s investment profile (including objectives, risk tolerance, time horizon, and liquidity needs). In a dispute alleging unsuitable investments and misleading statements regarding REITs, Rule 2111 is commonly analyzed by asking whether the REIT recommendations aligned with the customer’s stated needs—particularly liquidity constraints and tolerance for real-estate security risk—and whether the broker had an adequate basis for recommending the investment strategy in the first place.
FINRA Rule 2210 (Communications with the Public) governs broker communications to customers, including statements used to market or explain investments. Where a dispute alleges “misleading statements” about REITs, Rule 2210 can be implicated if communications omitted material risks (such as liquidity limitations, valuation uncertainty, redemption restrictions, or downside scenarios) or otherwise created an unbalanced impression of the product’s features.
FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) broadly requires brokers to observe high standards of commercial honor and just and equitable principles of trade. Allegations involving misleading statements or improper sales practices—particularly when paired with a suitability dispute—are frequently evaluated through Rule 2010 because it operates as a broad ethical standard that can capture conduct that undermines fair dealing with investors.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.