Texas Broker Barred by FINRA for Alleged Participation in Life Settlements Without Proper Authorization

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Soreide Law Group, (888) 760-6552, obtained this summation of information from FINRA’s website under “Disciplinary and Other FINRA Actions, April, 2014.”

Richard Martin Ohlhaber (CRD #2154794, Registered Principal, Keller, Texas)

was barred by FINRA for allegedly participating in the sale of life settlement contracts offered by a company to approximately 18 clients without providing written notice of his involvement to either of his FINRA member firms. Ohlhaber never received either of the firm’s permission to engage in this outside business activity.

FINRA's findings stated that Ohlhaber received commission checks from this company which totaled over $300,000. These checks were addressed to an entity whose only members were Ohlhaber and his wife. The company was not an approved product at either of Ohlhaber’s firms. Ohlhaber had completed questionnaires at both member firms representing that he was not engaged in any outside business activity. Ohlhaber also misrepresented to one of his firms that this entity was a “shell” and was not engaged in any business.

FIRNA's findings also stated Ohlhaber provided false testimony to FINRA’s investigation. FINRA's findings also stated that Ohlhaber loaned money to customers who were not Ohlhaber’s family members. Ohlhaber firm only permitted loans between representatives and customers who are immediate family members of the representative.
(FINRA Case #2012032077901)

Richard Martin Ohlhaber was previously registered with the following FINRA firm(s):

FSC SECURITIES CORPORATION (CRD# 7461) - GRAPEVINE, TX
08/2012 - 11/2012

SOUTHWEST SECURITIES, INC. (CRD# 6220) - SOUTHLAKE, TX
05/2008 - 04/2012

CENTURY SECURITIES ASSOCIATES, INC. (CRD# 28218) - SOUTHLAKE, TX
04/2007 - 05/2008

STIFEL, NICOLAUS & COMPANY, INCORPORATED (CRD# 793) - SOUTHLAKE, TX
10/2001 - 04/2007

JOSEPHTHAL & CO., INC. (CRD# 3227) - NEW YORK, NY
09/1998 - 10/2001

H.J. MEYERS & CO., INC. (CRD# 15609) - ROCHESTER, NY
FINRA expelled the firm in 03/1999 06/1993 - 10/1998

EMANUEL AND COMPANY (CRD# 7309) - NEW YORK, NY
FINRA expelled the firm in 10/1994 01/1992 - 06/1993

BARING & BROWN, INC. (CRD# 24929) FINRA expelled the firm in 09/1992 07/1991 - 01/1992

This ends the information from FINRA.

If you or a family member have become alleged victims of life insurance fraud, contact an insurance fraud attorney for a free consultation on how to recover your investment losses. To speak with an attorney, call 888-760-6552

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