Have you suffered losses as a result of investing with former LPL financial adviser and broker, Blake Richards? If so, the securities attorneys of The White Law Group may be able to help you recover your losses through a FINRA arbitration claim.
It was recently reported that the SEC has filed a complaint against Blake Richards alleging he misappropriated $2 million of client funds for personal use. According to Reuter.com “The U.S. Securities and Exchange Commission said that Blake Richards of Burford, Georgia, scammed at least six clients after promising to invest their funds in investment vehicles he ran outside of LPL, according to a complaint filed in the U.S. District Court for the Northern District of Georgia.”
“The majority of the misappropriated funds constituted retirement savings and/or life insurance proceeds from deceased spouses,” according to the SEC (here). Blake’s alleged conduct has been going on since at least 2008.
According to the SEC Complaint, Richards was terminated from LPL Financial in May 2013. The complaint also suggests that Richards conducted business through Lanier Wealth Management, LLC, a business he apparently owns and operates.
According to the Financial Industry Regulatory Authority (FINRA) CRD, Blake Richards was registered with FINRA member firms from April 2000 until May 2013. He was registered with Edward Jones from 04/2000 – 08/2004, A.G. Edwards & Son, Inc. from 08/2004 – 02/2007, Ameriprise Advisor Services, Inc. from 02/2007 – 05/2009, and LPL Financial, LLC from 05/2009 – 05/2013.
When a FINRA affiliated broker conducts business outside of the firm with whom he is registered the activity may be considered “selling away.” If a registered broker “sells away” from his firm, the firm may still be liable for negligent supervision of their broker representative and may be responsible for investment losses in a FINRA dispute resolution claim.
If you invested with Blake Richards while he was registered with a FINRA member brokerage firm, suffered investment losses and would like to speak to a securities attorney about your potential to recover losses, please call our Chicago office at 312-238-9650 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.