RBC Capital Markets Facing Customer Claims Of Misrepresentation

Terry Parker Rider (CRD#: 2724817, Houston, Texas), who worked for RBC Capital Markets, LLC, from July 13, 2005 to April 5, 2017, reported that customers have complained about his sales practices. According to Rider’s Financial Industry Regulatory Authority (“FINRA”) BrokerCheck Report, his sales practices have been called into question by at least four customers of RBC Capital Markets. A summary of those disputes is contained below:

December 14, 2017 Complaint Involving Terry Parker Rider

On December 14, 2017, a customer of RBC Capital Markets, LLC filed a complaint in regards to Rider’s sales practices from 2007 to 2017. The customer alleged that Rider provided the customer with far-fetched projections on the returns provided by a variable annuity. Apparently, Rider erroneously claimed that the customer would have the necessary funds to last for two decades. In addition, the customer claimed that Rider misrepresented the terms and conditions of a variable annuity rider. All things considered, RBC Capital Markets, LLC and the customer agreed for the customer to be paid $160,000.00 to resolve the customer’s allegations of misrepresentation.

September 29, 2017 FINRA Arbitration Involving Terry Parker Rider

An RBC Capital Markets, LLC customer filed FINRA Arbitration #17-02540 on September 29, 2017. According to the customer, between 2010 and 2017, wire transfers were executed from the customer’s RBC Wealth Management account to a third party account, causing the customer to incur substantial financial losses. As a result, the customer demanded $5,000,000.00 in damages. The arbitration is still underway.

March 18, 2017 Complaint Involving Terry Parker Rider

Several customers of RBC Capital Markets, LLC filed a complaint on May 18, 2017. The customers alleged that Rider misrepresented the earnings potential of the variable annuities purchased by them in 2012 and 2015. Also, the customers alleged that Rider failed to disclose that the customers would be required to pay certain expenses for investing in the variable annuity. Because of this, the customers demanded $150,000.00 in damages. However, the complaint has not been pursued as of November 28, 2017.

July 20, 2009 FINRA Arbitration Involving Terry Parker Rider

On July 20, 2009, an RBC Capital Markets, Inc. customer filed FINRA Arbitration #09-04133. That customer contended that Rider advised the customer to buy Lehman Brothers Preferred Stock. Unfortunately for the customer, Rider reportedly misrepresented the investment when making the recommendation to the customer. BrokerCheck records show that on October 20, 2010, the customer and RBC Capital Markets, LLC agreed for the customer to be paid $75,000.00 to resolve the matter.
Rider became registered with Wells Fargo Clearing Services, LLC after he left RBC Capital Markets, LLC; however, his registration was terminated after just five days.

If you have suffered losses by investing with Terry Parker Rider, call (888) 760-6552 for a free consultation with Soreide Law Group’s experienced counsel. Our firm has recovered millions of dollars for investors who have been victim to broker and brokerage firm misconduct. We represent clients on a contingency fee basis and advance all costs.