Have you suffered losses as a result of investing with Richard Schwartz of RAS Associates? If so, the securities attorneys of The White Law Group may be able to help you recover your losses through a FINRA arbitration claim.
According to the Kokomo Tribune, Schwartz allegedly operating a Ponzi scheme that may have defrauded investor of more than $10 million dollars. Schwartz allegedly perpetuated his scheme through his investment firm RAS Associates based in Kokomo, Indiana. He was also a registered representative of the brokerage firm NYLife Securities. Shortly after Indiana securities regulatory began investigating Schwartz he took his own life.
Although a number of victims have filed a federal lawsuit to recover their losses from Schwartz’s life insurance policy it is likely, given the number of victims, that they will only recover a portion of their investment losses. As such, The White Law Group is investigating other avenues of recovery on behalf of investors.
When a FINRA affiliated broker conducts business outside of the firm with whom he is registered the activity may be considered “selling away.” Even though Schwartz operated his own investment firm, he was also registered with a FINRA registered brokerage firm. If a registered broker “sells away” from his firm, the brokerage firm could be liable for negligent supervision and may be responsible for investment losses in a FINRA arbitration claim.
To the extent that Schwartz solicited investments in his alleged scheme while affiliated with a FINRA registered broker dealer at the time of the solicitation, that brokerage firm may be liable for the losses incurred.
If you suffered losses as a result of your dealings with Richard Schwartz and would like to discuss your potential to recover your losses through a FINRA arbitration claim against the brokerage firm Schwartz was registered with, please call the securities attorneys of 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 Boca Raton, Florida.
For more information on The White Law Group, please visit the firm’s website at http://www.WhiteSecuritiesLaw.com.