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Soreide Law Group, PLLC, is a securities litigation firm that is committed to helping victims recover financial losses due to fraudulent or negligent conduct on behalf of stock brokers or financial advisors. We are able to represent investors nationwide in the handling of their securities... More
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  • SEC Charges Former LPL Financial Broker, Blake Richards, With Misappropriation Of Funds 0 comments
    Jun 18, 2013 12:38 PM

    BLAKE BANCROFT RICHARDS (CRD #4051402)

    Former LPL Financial broker, Blake Richards of Buford, Georgia, was charged by the Securities and Exchange Commission (SEC) with violations of the federal securities laws for misappropriating investor funds. In May, the SEC filed an emergency action seeking a temporary restraining order and other emergency relief in federal court against Richards.

    The SEC's complaint alleges that, since (at least) 2008, Richards, a registered representative of a broker/dealer, misappropriated at least $2 million from at least seven investors. The majority of the misappropriated funds constituted retirement savings and/or life insurance proceeds from deceased spouses.

    The SEC also alleges that Richards instructed investors to write out checks to entities under his control with the understanding that Richards would invest their funds in fixed income assets, variable annuities and/or common stock. The complaint alleges that none of these investments were ever made. None of the investments appeared on the client's brokerage account statements, and Richards received no commission income from these investments. The complaint further alleges that Richards used the funds for personal use.

    According to FINRA's BrokerCheck, Blake Richards was previously registered with FINRA at the following brokerage firms:

    LPL FINANCIAL LLC
    CRD# 6413
    BUFORD, GA
    05/2009 - 05/2013

    AMERIPRISE ADVISOR SERVICES, INC.
    CRD# 5979
    DULUTH, GA
    02/2007 - 05/2009

    A. G. EDWARDS & SONS, INC.
    CRD# 4
    BRASELTON, GA
    08/2004 - 02/2007

    If you experienced a financial loss due to Blake Richards, call Soreide Law Group for a free consultation with an attorney on how to potentially recovery your investment at: 888-760-6552.

    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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