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This blog is written by Robert H. Rex, Esq. who is a securities attorney and a passionate advocate for investors rights. With over 30 years of legal experience, 25 of which have dealt almost exclusively with the recovery of stockmarket and investment losses for mostly elderly clients, he and his... More
My company:
Rex Securities Law
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Rex Investment Loss Recovery Blog
  • LPL Financial Woes Continue--Ex Broker Charged With $2 Million Theft 0 comments
    May 23, 2013 5:38 PM

    In a civil complaint filed in the U.S. District Court for the Northern District of Georgia, former LPL Financial adviser Blake Richards of Buford, Georgia, was charged the Securities & Exchange Commission with defrauding investors and misappropriating $2 million dollars from six or more clients.

    According to the complaint, the SEC alleges that between 2009-2013, Richards directed clients to write checks to his outside business instead of LPL and that many of the purported investments were frauds. Most of the invested funds came from client's retirement savings or life insurance proceeds. The SEC also alleges that Richards gave fake financial statements to at least one client.

    This is the third major issue this week for LPL, the nation's fourth largest broker dealer.

    On May 21, 2013, FINRA hit LPL with a $9 million dollar fine for significant issues related to their email system and for making misstatements to regulators during the investigation. More on that here.

    The next day, Massachusetts regulators announced that LPL would have to pay nearly twice the amount , $5 million, to resolve the investigation of their sales practices related nontraded real estate investment trusts (REITs) . See this for more details.

    Investors who have suffered losses with LPL or other broker dealers may be able to recover those losses through FINRA arbitration. Contact us for a no charge consultation.

    Nationwide representation.

    Rex Securities Law

    561 391 1900

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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