Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) reports alarming allegations of improprieties by securities broker Rick Higgins [CRD#: 1726947, Spartanburg, South Carolina]. Notably, one or more clients contested the actions of the securities broker, who worked with ProEquities from 2012 to 2016 and who presently works with First Heartland Capital. Moreover, the securities broker reports that FINRA sanctioned him and ProEquities disaffiliated with him for bad sales practices. Overall, these disclosures suggest that Higgins falsified or omitted investment information and misused client forms to process transactions. Check out the following allegations against him.
Rick Higgins Allegedly Misrepresents Information To ProEquities Client
Evidently, on July 20, 2018, a ProEquities client made a formal complaint concerning Rick Higgins. Apparently, the client contended that Higgins falsified the characteristics of an annuity income benefit. Not only that, but the securities broker allegedly concealed details about a surrender charge for terminating an annuity. It appears that the client experienced losses on the variable annuity. Consequently, the client requested $17,168 in compensation from ProEquities or Higgins. However, ProEquities denied the client’s allegations.
FINRA Issues Suspension, Fine To Higgins
Apparently, FINRA issued Acceptance, Waiver and Consent (AWC) #: 2016050244501 on February 22, 2018 sanctioning Rick Higgins for his misuse of clients’ investment forms. Allegedly, Higgins used incomplete but signed forms to make mutual fund exchanges for the securities firm’s clients. This violated FINRA rules because it prevented clients from reviewing the complete forms before signing them. For this reason, FINRA issued him a 3 month suspension and $5,000 fine.
ProEquities Disaffiliates With Higgins
Evidently, on May 25, 2016, ProEquities ended the employment relationship with Higgins. Notably, ProEquities asserted that Higgins had his clients sign undated or blank forms in connection with securities transactions. It appears that the securities broker also reused documents that were previously dated or signed. Apparently, 100 client accounts were affected by Higgins’ actions from 2012 to 2016.
Did ProEquities Securities Broker Rick Higgins Sell You Bad Investments?
Have you experienced losses by investing with Rick Higgins? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities brokers like Higgins and brokerage firms.