May 2019- Sugarland, TX
According to publicly available records Richard D. Niemann (CRD#348144) , a stockbroker who is currently registered with USB Financial Services, Inc., discloses a regulatory event and 2 settled customer disputes .
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 3/ 2019, without admitting or denying the findings, Niemann consented to sanctions and to the entry findings that he exercised discretion in customers’ accounts without obtaining prior written authorization. The findings stated that Niemann did not obtain written authorization from his firm to make trades in the accounts on a discretionary basis. The sanctions ordered were a 15 day suspension and a $5,000 monetary fine. FINRA case 2018057927801 .
In March of 2008, a USB Financial Services, Inc., customer filed a complaint that arose out of the sale of an auction rate security (ARS) that was made prior to the widespread illiquidity in the ARS market that occurred. The case settled for $575,000.
In June of 2008, another USB Financial Services, Inc., customer complaint arose out of the sale of an auction rate security (ARS) that was made prior to the widespread illiquidity in the ARS market that occurred. The case settled for $75,000.
Niemann has been employed with USB Financial Services, Inc. since January 2002.
If you have questions about an investment account handled by Richard D. Niemann contact us for a no charge consultation to learn about your legal options.
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.
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