United Planners Financial Services of America charged with failure to supervise Thomas T. Riquier
According to the Gloucester Times, Financial Advisor Thomas Riquier has been accused of defrauding investors in a complicated real estate scheme. Reports allege that Riquier took more than $1 million from investors over a 26 year span.
Riquier, who is president and an investment adviser agent of The Retirement Financial Center was charged Wednesday with violating the Massachusetts Uniform Securities Act by Secretary of the Commonwealth William F. Galvin. His employer,United Planners Financial Services of America, is reportedly charged with failure to supervise its agent.
According to the complaint filed by the Massachusetts Securities Division, Riquier allegedly solicited money from clients and others, a majority of whom are elderly, and used it to purchase property, which investors were told would then be sold for a profit.
In reality, the complaint states, the investments were allegedly used to purchase property already owned by Riquier. According to the complaint, the property has not been sold, has not been improved, and has not provided any returns on the money invested.
Additionally, the complaint alleges that Riquier solicited more than $800,000 in private loans from his clients, in violation of state and federal law.
United Planners Financial Services of America is also named in the complaint.
According to his FINRA BrokerCheck report, Riquier has been registered with United Planners since 1992. He has five customer disputes listed on his broker report since 2008. Allegations include churning and failure to place trades in a timely manner, among others.
The complaint seeks a cease and desist order, censure, and administrative fine, and the revocation of Riquier’s registrations as an investment advisor agent and broker-dealer in Massachusetts.
The state is also seeking an order requiring Riquier to pay restitution to compensate investors for their losses under the scheme.
Failure to Supervise
The White Law Group is investigating the liability Thomas T. Riquier’s employers may have for failure to properly supervise him.
Brokerage firms have a responsibility to monitor their brokers and ensure that investments recommendations are in the clients’ best interest. When brokers break laws or violate FINRA Rules, the firm they work for can be held liable for failure to supervise and responsible for investment losses.
If you suffered investment losses with Thomas T. Riquier the securities attorneys at The White Law Group may be able to help you. For a free consultation, please call the firm’s offices at 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to the representation of investors in FINRA arbitration claims against brokerage firms throughout the United States.
To learn more about The White Law Group, visit www.WhiteSecuritiesLaw.com.
[maxbutton id=”1″ ]