Soreide Law Group has come across important information in regard to securities broker Richard Mark Braverman (CRD#: 1023227, Lancaster, Pennsylvania). Namely, two of Braverman’s clients brought investment disputes about him. These dispute allege that Braverman caused them to experience investment losses by way of his unsuitable recommendations. Not only that, but a securities firm parted ways with the securities broker amid allegations of misconduct on the job. Let’s take a look at these disclosures in more detail below.
First of all, a client of Geneos Wealth Management contested Rich Braverman’s sales practices in a February 2021 lawsuit. Particularly, in this FINRA Arbitration Claim, the client claimed that Braverman made unsuitable investment recommendations. Basically, when a product is not suitable, it may be due to the product or transaction running contrary to an investor’s goals, investment objectives, financial situation, or risk tolerance. The client in this case alleges that Braverman provided bad advice about direct investments. This could have included investments in LPs or DPPs from 2015 to 2017. For this reason, the client asked for $1,000,000.00 in compensation in this ongoing matter.
In a second dispute on Braverman’s BrokerCheck record, a client of Geneos Wealth Management alleges breach of fiduciary duty by Rich Braverman. Supposedly, the securities broker also failed to place the client in suitable securities which caused losses on alternative or direct investments. Given the allegations of breach of fiduciary duty and unsuitable recommendations, the client demanded compensation. Consequently, to settle the matter, Geneos Wealth Management paid $90,000 to the client.
Before joining Geneos Wealth Management, Rich Braverman was a securities broker for FSC Securities Corporation. It appears that the securities firm parted ways with Braverman because of misconduct allegations against him. Namely, the securities broker is accused of violating the company’s policy on non-traded REIT transactions.
Did you experience losses because of Rich Braverman? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have incurred losses because of their financial advisors and securities brokers. Please note that Braverman denies all allegations of his sales practice violations.
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