Former New Jersey IFS Securities Broker, RICHARD G CODY, Charged by SEC with Defrauding Retired Clients

RRICHARD GRANT CODY (RICHARD G CODY) CRD#: 2794558, a New Jersey financial advisor, has been charged with defrauding his retired clients through his company, Boston Investment Partners, LLC.
The SEC's complaint alleges that Cody defrauded at least three of his elderly, retired clients over a twelve-year period by concealing the fact that their retirement accounts had extensive losses. According to the SEC's complaint, the clients did not know that their accounts had lost a significant amount and were being rapidly depleted. Cody concealed these losses by allegedly leading the clients to falsely believe their investments were maintaining value and that the clients were living off the income generated from their investments.
In 2014, two of the retirees' accounts had run out of funds. Allegedly, Richard G Cody continued to hide the fact that the retirees' money was gone.  He allegedly did this by making wire transfers of monthly deposits to the retirees' bank accounts and sending them fabricated tax forms. The SEC alleges that these deceptive acts caused Cody's clients to believe that their retirement savings were secure when they were not.
The SEC's complaint alleges Cody violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940 and seeks disgorgement of ill-gotten gains plus interest and penalties as well as permanent injunctive relief. The SEC also seeks a court-ordered asset freeze against Cody and Boston Investment Partners, which was named as a relief defendant, a temporary restraining order, and a detailed accounting of Cody's assets.
According to FINRA’s Broker Check, RICHARD G CODY’s report lists 24 disclosures, 16 of which are ‘Customer Disputes.’ The allegations in his reports include such things as: taking funds from clients, unauthorized and unsuitable investments. Cody was discharged from IFS Securities in Spring Lake, NJ September 2016 following allegations of forgery and selling away.
RICHARD G CODY was registered in the securities industry for 18 years, and was listed with 7 firms, the three most recent listed below:
08/18/2016 - 09/12/2016  IFS SECURITIES - Spring Lake, NJ
03/19/2014 - 08/05/2016  CONCORDE INVESTMENT SERVICES, LLC - SPRING LAKE, NJ
03/29/2010 - 03/01/2013  WESTMINSTER FINANCIAL SECURITIES, INC. - PROVIDENCE, RI
If you or an elderly family member suffered investment losses due to the actions or recommendations of former IFS Securities broker, RICHARD G CODY, call Soreide Law Group for a no-cost consultation with an experienced securities lawyer regarding the possible recovery of your financial losses at:  888-760-6552.
Soreide Law Group represents clients nationally before FINRA and we operate on a contingency fee basis.  Let our experience work for you.