Soreide Law Group is determining whether to bring lawsuits on behalf of investors against securities broker Ronald Richer (CRD#: 2988381, New York, New York). Namely, the Financial Industry Regulatory Authority (“FINRA”) indicates through BrokerCheck that Richer has nine disclosures on his record. These disclosures not only concern client complaints but also concern severe sanctions against Richer from FINRA including its decision to bar him from being a securities broker for FINRA member firms. Here’s what we know about Ronald Richer so far.
FINRA Bars Ronald Richer For Stiffing Client, Misleading Investigators
Effective September 2020, Ronald Richer is no longer allowed to be a securities broker for FINRA member firms. Notably, this sanction basically prevents Richer from taking a securities broker position in all major brokerage firms in the United States since most of them are FINRA member firms.
Apparently, when Ronald Richer was at Garden State Securities, he borrowed $15,000 from one of his clients in violation of FINRA rules. Supposedly, Garden State Securities did not allow securities brokers to borrow from clients. Evidently, Richer concealed the loan from his employer and even submitted compliance forms which suggested that he complied with its rules. It seems that Richer did not pay back the client what he borrowed.
In addition, when FINRA investigated Ronald Richer, he gave false testimony to investigators. Specifically, he lied about not altering documents that pertained to the loan. It appears that in May 2020, Garden State Securities disaffiliated with Richer for this reason.
Client Of Garden State Indicates Richer Made Unauthorized Trades
Apparently, a client of Garden State Securities filed a dispute about Ronald Richer in December 2019. Mainly, the client took issue with Richer supposedly making an unauthorized stock trade which caused a loss for the client. For this reason, the client demanded $21,000 in compensation from Garden State. However, this compliant was denied in January 2020.
Garden State Client Indicates Ronald Richer Sold Unsuitable Equities, Breached Fiduciary Duty
In addition, FINRA BrokerCheck reports a Garden State Securities client’s lawsuit from March 2018. First of all, the client indicated that Ronald Richer made unsuitable transactions. It seems that when trading stocks and equities, Richer failed to consider the client’s investor profile which covers things like the client’s goals, risk tolerance, investment objectives and more. Secondly, Richer supposedly breached his fiduciary responsibility to the client. For this reason, Richer paid the client $16,300 to resolve this matter in September 2018.
Garden State Securities Fails To Supervise Client’s Account, Claim Indicates
Moreover, a client of Garden State Securities sued over Ronald Richer’s allegedly unauthorized trades. In the 2016 FINRA Arbitration Claim, the client specifically alleged unauthorized trading of OTC equities and stocks. Notably, this client indicated that Garden State Securities was negligent and it failed to supervise Richer which led to a mess for the client. For losses sustained because of Richer’s unreasonable actions, Garden State Securities paid the client $30,000. Evidently, this matter settled in October 2017.
Losses From Securities Broker Ronald Richer?
Did you sustain investment losses because of Ronald Richer? 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 firms and brokers like Richer.