SEC Bars Richard Cody After He Pleads Guilty To Investment Adviser Fraud

Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) reports alarming information in regard to securities broker Richard Cody [CRD#: 2794558, Spring Lake, New Jersey]. Not only has the Securities and Exchange Commission (“SEC”) and Financial Industry Regulatory Authority (“FINRA”) both barred the securities broker, but at least 24 clients raised serious concerns about him. In sum, these disclosures suggest that Cody, who worked firms including Concorde Investment Services and Westminster Financial Services, engaged in deceptive acts and harmed investors. Read on to learn more concerning the allegations against him.

SEC, FINRA, New Jersey Securities Bureau Bar Richard Cody

Notably, on March 19, 2019, Securities and Exchange Commission (“SEC”) issued an Order in Case#: 3-19113 barring Richard Cody. Notably, Cody committed investment adviser fraud. Among other things, SEC forbade Cody from working in any broker, dealer or advisory capacity.

Evidently, FINRA issued Acceptance, Waiver and Consent #: 2016048538901 on September 5, 2017 barring Richard Cody. Allegedly, Cody failed to comply with a FINRA investigation. It appears FINRA investigated a client complaint suggesting that Cody violated terms of a suspension. Notably, FINRA barred him from maintaining an association with any FINRA member. Also, on December 12, 2017, New Jersey Bureau of Securities revoked his broker license citing the FINRA bar.

Cody Allegedly Breaches Fiduciary Duty To Westminster and Concorde Client

Apparently, on February 26, 2019, a Westminster Financial Securities and Concorde Investment Services client filed Civil Suit#: 19-cv-10289 about Richard Cody. Mainly, the client alleged that Cody negligently handled the client’s account. The client indicated that the securities broker also breached a fiduciary duty that he owed to the client. Because of this, the client experienced losses and requested compensation from Westminster Financial Securities and Concorde Investment Services or Cody. Apparently, this civil suit is pending a resolution.

SVB Leerink Investor Indicates Richard Cody Made Unauthorized Trades

Evidently, a client of SVB Leerink contested Richard Cody’s actions by filing FINRA Arbitration #: 19-00004 on January 4, 2019. Allegedly, the securities broker made discretionary trades without written permission from the client or SVB. It appears that Cody also possibly recommended bonds that did not gel with the client’s goals, risk tolerance or other criteria relating to suitability. Consequently, the client made a claim for $150,000 in compensatory damages from SVB Leerink or Cody in this ongoing matter.

Did Securities Broker Richard Cody Sell You

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Bad investments?

Have you experienced losses by investing with Richard Cody? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities brokers like Cody and brokerage firms.