October 2020– Spring Lake, New Jersey
According to publicly available records Richard G. Cody , (CRD# 2794558) , a currently unregistered stockbroker who last worked for IFS Securities , has numerous disclosures:
- 1 pending and 6 prior regulatory events
- 1 criminal event
- 1 pending civil lawsuit
- 2 currently pending customer disputes
- 22 prior customer disputes
- 2 currently pending regulatory investigations
- 1 termination from employment
- 1 outstanding judgment/lien
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In March 2019 FINRA suspended Cody who failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance. FINRA Case 17-02035.
In December 2016 the SEC instituted litigation charging Cody with defrauding his retired clients by concealing the fact that their retirement accounts had suffered extensive losses and that the monthly payments they were receiving were exhausting their retirement savings. The SEC alleged that Cody concealed their substantial losses by making materially misleading statements, leading the clients to believe that their investments were maintaining steady value and that their monthly withdrawals were being financed by investment gains. In March 2019, the SEC permanently barred Cody from the securities industry.
In 11/2018, Cody pled guilty to charges of making a false declaration under oath and investment advisor fraud and was sentenced to two years in prison in March 2019.
Nine prior customer complaints have been resolved with cash payments to former customers. Total settlements on these prior cases are nearly $1 million.
Richard G. Cody‘s employment in the securities industry includes IFS Securities, Concorde Investment Services and Westminster Financial Securities.
In September 2016 Cody was discharged by IFS Securities who alleged that Cody was “selling away” from the firm and had forged customer documents.
For information on Richard Cody’s ex-wife Jill Cody (Tramontano) who has been barred from the securities industry and who faces a number of customer suits, follow this link.
We are interested in speaking with former customers of Richard G. Cody and Jill Cody (Tramontano). If you have losses in an account handled by Cody, call to learn how you may be able to recover damages.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are 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.
Florida-561 391 1900