Frank Richardson Allegedly Sold Bad BDCs, REITs

Investacorp's Frank Richardson Supposedly Sold Bad Alternative Investments

Soreide Law Group provides you this investor alert update in regard to securities broker William Franklin “Frank” Richardson Jr. (CRD#: 721293, Houston, Texas). Particularly, there are at least six investors who have challenged Richardson’s sales practices. It appears from these disputes that Richardson might have caused clients to experience losses on alternative investments. Here’s a look at some of the recent disclosures about the broker.

Investacorp Client Indicates That Frank Richardson Sold Unsuitable REITs, BDCs

Evidently, Richardson worked for Investacorp Inc. and Investacorp Advisory Services Inc. (Houston, Texas) between 2012 and 2020. It appears that a client of the securities firm filed a lawsuit in June 2020 over Frank Richardson’s alternative investment sales. Supposedly, Richardson sold real estate investment trusts (REITs) and business development corporations (BDCs). It seems that these securities transactions were not suitable for the client. It is possible that those investments were not reasonable given the client’s risk tolerance, objectives, needs or another aspect of suitability. Evidently, this matter is awaiting a resolution.

Richardson Supposedly Sells Bad Alternative Investments To Investacorp Client

Notably, a second Investacorp client came forward in November 2018 with a dispute about Frank Richardson’s sales. Purportedly, Richardson sold unsuitable non-traded REITs and direct investments including DPPs or LPs. It appears that these investments caused the client to sustain losses. For this reason, the client received $100,000 in September 2019 to settle this matter.

Next Financial Group Clients Complain About Frank Richardson

It seems that multiple clients of Next Financial Group complained about Richardson as well. Specifically, one investor alleged that Frank Richardson sold unsuitable limited partnerships in the energy sector. Also, a Next Financial Group client indicated that Richardson overlooked the client’s age when recommending or selling a variable annuity. Moreover, a Next Financial Group client asserted claims of misrepresentation and unsuitable variable annuity sales. However, those three disputes were denied by the firm. Yet, in a different dispute, a Next Financial Group client who accused Richardson of negligence received $34,920.05 from the firm to settle the matter.
Evidently, other employers of Frank Richardson include Geneos Wealth Management, Securities America, and Avantax Investment Services – all located in Houston, Texas.

Did Richardson Sell You Inappropriate Alternative Investments?

If you purchased misrepresented policies by Frank Richardson, get in touch with Soreide Law Group at (888) 760-6552 where you can speak with experienced lawyers about a possible recovery. Keep in mind that Soreide Law Group represents clients on a contingency fee basis and advances all costs. We have recovered millions of dollars for investors who have sustained losses from the misconduct of financial advisors and securities brokers. Please note that Richardson denies all allegations of his sales practice violations as alleged by clients in the foregoing disputes.