BLAKE B. RICHARDS (CRD# 4051402) of Buford, Georgia, was accused May 2013 of misappropriating money from elderly investors and ordered to repay $1.8 million. This was ordered in a judgment by the Securities and Exchange Commission (SEC). An additional $80,000 was added as a civil penalty according to a press release from the SEC.
The SEC charged Richards in 2013 with misappropriation of funds from at least seven of his clients from as far back as 2008. Allegedly Richards asked his clients to write checks to entities under his control with the understanding that he would invest his clients money. However, none of the investments were ever made.
With the clients being primarily elderly, the investments were from retirement savings and life insurance proceeds which totaled $1.7 million. The $1.8 million judgment from the SEC includes interest.
FINRA has permanently barred Blake Richards from acting as a broker or otherwise associating with firms that sell securities to the public.
Blake Richards was previously registered with the following securities firm(s):
05/2009 - 05/2013 LPL FINANCIAL LLC (CRD# 6413) - BUFORD, GA
02/2007 - 05/2009 AMERIPRISE ADVISOR SERVICES, INC. (CRD# 5979) - DULUTH, GA
08/2004 - 02/2007 A. G. EDWARDS & SONS, INC. (CRD# 4) - BRASELTON, GA
04/2000 - 08/2004 EDWARD JONES (CRD# 250) - ST. LOUIS, MO
If you've experienced 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.
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