The Securities Arbitration Law Firm of Klayman & Toskes Investigates Claims of Misappropriation by Former Ameriprise Advisor Services and LPL Financial Advisor Blake Richards
BOCA RATON, Fla.--(BUSINESS WIRE)-- The Securities Arbitration Law Firm of Klayman & Toskes, P.A. ("K&T") announced today that it is investigating potential claims against Ameriprise Financial ("Ameriprise") (NYS: AMP) and LPL Financial ("LPL") (NasdaqGS:LPLA) surrounding allegations of misconduct by former Ameriprise Advisor Services and LPL advisor, Blake B. Richards ("Richards"). Earlier today, the U.S. Securities and Exchange Commission ("SEC") charged Richards with fraud, accusing him of misappropriating approximately $2 million from at least six individuals. At least two of the investors are elderly and the majority of the apparently misappropriated funds constituted retirement savings and/or life insurance proceeds from deceased spouses, according to the SEC.
According to the SEC's complaint, "since at least 2008, on occasions when investors informed Richards that they had funds available to invest (such as from an IRA rollover or proceeds from a life insurance policy), Richards instructed the investors to write out checks to an entity called 'Blake Richards Investments,' a d/b/a entity, or another d/b/a used by Richards, 'BMO Investments.' Richards represented to the investors that he would invest their funds through his investment vehicle in life insurance, fixed income assets, variable annuities, or household-name stocks. Richards misappropriate much of the funds."
From February 2007 to May 2009, Richards was registered with Ameriprise Advisor Services which was acquired by Ameriprise Financial. Thereafter, he was registered with LPL from May 2009 to May 2013. Under FINRA Rules, Ameriprise and LPL were obligated to properly supervise the activities of Richards during the time he was registered with the brokerage firms. Accordingly, Ameriprise and LPL may be liable for failing to supervise Richards' activities, and could potentially be responsible for compensating customers of Richards for their losses.
K&T, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.
If you wish to discuss this announcement or have information relating to this investigation, please contact Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at 888-997-9956, or visit us on the web at www.nasd-law.com.
Klayman & Toskes, P.A.
Steven D. Toskes, Esquire, 888-997-9956
Jahan K. Manasseh, Esquire, 888-997-9956
KEYWORDS: United States North America Florida
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