The Financial Industry Regulatory Authority (“FINRA”) reports six investor disputes on the record of securities broker Richard Anthony Rodriguez Jr. (CRD#: 2973254, Fruitland Park, Florida). It appears that one or more of these investors alleges that Rodriguez’s actions at Charles Schwab and Concorde Investment Services caused damages or losses. Here’s more on the disputes about the securities broker, including the allegations of misrepresentation and breach of fiduciary duty regarding clients’ investments in real estate investment trusts (REITs) and direct participation programs (DPPs).
Evidently, Richard Rodriguez worked for Concorde Investment Services from 2012 to 2019. It appears that a client of Concorde Investment Services brought a FINRA Arbitration Claim regarding Rodriguez. The March 2021 lawsuit first alleges a breach of fiduciary duty by Concorde Investment Services relating to direct investments. Secondly, Rodriguez allegedly acted negligently and had omitted and misrepresented important facts regarding nontraded REITs and DPPs. Also, the client alleged the violation of Florida Securities and Investor Protection Act and alleged breach of contract. For this reason, they demanded $500,000 in compensation in this ongoing matter.
Notably, a client of January 2021 took aim at Richard Rodriguez’s sales of a real estate investment trust. Specifically, in this FINRA Arbitration Claim, the client first alleged a breach of contract and breach of fiduciary duty by the Concorde Investment Services securities broker. Not only that, but this claim also contains allegations of gross negligence. Allegedly, Rodriguez may have caused the client to sustain investment losses. For this reason, the client seeks $200,000 in damages to resolve this ongoing dispute.
Specifically, the Concorde Investment Services client filed suit in September 2019 regarding DPPs. Allegedly, Richard Rodriguez breached a fiduciary duty for causing the client to invest in these alternative investments in 2017. Additionally, the securities broker dealer supposedly breached a contract they had with the client from 2017 to 2018. Because of the allegations of sales practice violations, the client obtained a $55,000 payment from the securities firm via a March 2021 settlement.
Moreover, a client of Concorde Investment Services disputed Richard Rodriguez’s real estate security sale. Apparently, in this May 2017 dispute, Rodriguez is accused of not telling the client about the product’s liquidity and risks. Allegedly, the client sustained damages because of investing in 2016 because of the securities broker. However, Concorde Investment Services denied this REIT dispute.
Also, BrokerCheck shows that Richard Rodriguez faced accusations of sales practice violations by Charles Schwab clients. Specifically, in one of those disputes, a client alleges misrepresentation and unsuitable recommendations concerning mutual funds. Evidently, the client received $13,886 in a settlement. The second dispute also concerned unsuitable mutual fund recommendations by the securities broker.
Did you sustain losses because of Richard Rodriguez? If so, call Soreide Law Group at (888) 760-6552 and talk with a skilled securities lawyer about a possible recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm is focused on helping investors across the United States in recovering compensation from negligent financial advisors and securities brokers. Evidently, Rodriguez denies all allegations of his sales practice violations.
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