According to the US Attorneys Office for the Western District of Louisiana, Richard Joseph Buswell, a broker and business owner, was sentenced to ten and a half years in prison for a scheme that cost investors more than $6 million dollars. Richard Joseph Buswell reportedly pled guilty to one count of wire fraud in connection to his scheme.
Buswell, a licensed stockbroker, owed and operated Bownam Investment Group LLC. He was accused of frequent and excessive trading in clients accounts in order to earn commissions. This practice is often called churning. He also allegedly placed clients into high-risk products and falsifying the net worth of those clients in order for those clients to meet minimum net worth requirements.
It is estimated that Bushwell received more than $1.7 million in commissions through his allegedly crooked business tactics. The unsuitable investments purportedly cost investors more than $6 million.
When brokers deliberately deceive clients, engage in ruthless business tactics, and commit forgery, they are likely in violation of several securities laws and FINRA regulations. If proven, the broker and the brokerage firm that employs them, can be liable for investment losses.
Although Bushwell conducted business out of his entity Bowman Investment Group, his FINRA BrokerCheck report indicates he was also a registered representative in Louisiana with Linsco Private ledger from 09/-2005 – 06/2006, 1st Discount Brokerage from 07/2006 – 07/2008, and Brookstone Securities from 04/2008 -04/2009.
If you were a client of Anthony Diaz and would like to discus your ability to recover investment losses through a FINRA dispute resolution claim, please call The White Law Group 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 Vero Beach, Florida.
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