Blake Richards Charged with Misappropriation of Funds by the SEC

BLAKE BANCROFT RICHARDS (CRD #4051402)

Blake Richards of Buford, Georgia, was charged by the Securities and Exchange Commission (SEC) with violations of the federal securities laws for misappropriating investor funds. In May, the SEC filed an emergency action seeking a temporary restraining order and other emergency relief in federal court against Richards.

The SEC’s complaint alleges that, since (at least) 2008, Richards, a registered representative of a broker/dealer, misappropriated at least $2 million from at least seven investors. The majority of the misappropriated funds constituted retirement savings and/or life insurance proceeds from deceased spouses.

The SEC also alleges that Richards instructed investors to write out checks to entities under his control with the understanding that Richards would invest their funds in fixed income assets, variable annuities and/or common stock. The complaint alleges that none of these investments were ever made. None of the investments appeared on the client’s brokerage account statements, and Richards received no commission income from these investments. The complaint further alleges that Richards used the funds for personal use.

According to FINRA's BrokerCheck, Blake Richards was previously registered with FINRA at the following brokerage firms:

LPL FINANCIAL LLC
CRD# 6413
BUFORD, GA
05/2009 - 05/2013

AMERIPRISE ADVISOR SERVICES, INC.
CRD# 5979
DULUTH, GA
02/2007 - 05/2009

A. G. EDWARDS & SONS, INC.
CRD# 4
BRASELTON, GA
08/2004 - 02/2007

If you experienced a financial loss due to Blake Richards, call Soreide Law Group for a free consultation with an attorney on how to potentially recovery your investment at: 888-760-6552.