The Securities and Exchange Commission recently announced the issuance of an Order Instituting Administrative And Cease-And-Desist Proceedings Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934 (Exchange Act), Sections 203(f) and 203(k) of the Investment Advisers Act of 1940 (Advisers Act), and Section 9(b) of the Investment Company Act of 1940 (Investment Company Act) against Richard P. Sandru.
The SEC alleges in the Order that from at least December 2009 through March 2011, while associated with an investment adviser and broker-dealer registered with the SEC, Richard P. Sandru misappropriated at least $308,850 in purported “financial planning fees” from at least 47 advisory clients. The Order further alleges that during the relevant period, Sandru also made oral and written misrepresentations regarding client account values to certain clients to conceal their diminishing account values and induce them to allow him to continue to purchase and sell securities in their accounts and receive advisory fees from their dwindling account balances.
The SEC announcement further states that a hearing will be scheduled before an Administrative Law Judge to provide Sandru an opportunity to respond to the allegations of the Division contained in the Order, to determine whether these allegations are true, and to determine whether remedial sanctions, a cease-and-desist order, disgorgement and civil penalties should be ordered against Sandru.
According to his FINRA Broker Report, Sandru was registered with Cambridge Investment Research, Inc. during the relevant time period. Prior to working for Cambridge Investment Research, Inc., Sandru was registered with LPL Financial Corporation. Sandru’s FINRA Broker Report also indicates that he has been the subject of at least 12 customer complaints.
If you suffered losses while investing with Richard Sandru, those losses may be recoverable through FINRA arbitration. For a free consultation with a securities attorney, please call The White Law Group’s Chicago office at 312/238-9650.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida.
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