The Wall Street Journal reports that Blake Richards, formerly a broker with LPL Financial in Buford, Georgia, was ordered to pay nearly $2 million in disgorgement and penalties. Richards had been sued by the Securities & Exchange commission who accused him of stealing retirement savings and life insurance proceeds of clients between 2009 and 2013.
Clients were led to believe that he was investing their money in insurance policies and annuities as well as stocks and bonds. Instead Richards spent the money and provided the clients with phony account statements.
Richards was fired by LPL Financial and barred from the securities industry by FINRA last year.
Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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