Securities Lawyers Blog
The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that broker Ronald G. Richer (Richer), most recently associated with Garden State Securities, Inc. (Garden State Securities) has been subject to at least four customer complaints and three regulatory actions during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Richer’s customer complaints alleges that Richer recommended unsuitable investments in various investments among other allegations of misconduct relating to the handling of their accounts, including failure to supervise and unauthorized trading.
In July 2020, Richer was named a respondent in a FINRA arbitration complaint alleging that he borrowed $15,000 from a senior customer without providing prior notice to, and receiving written approval from, his member firm. This event led to his subsequent bar from the industry.
In December 2019, a customer complained that Richer violated the securities laws by alleging that Richer engaged in unauthorized trading. The damage amount requested was $21,000. The claim was denied.
In March 2018, a customer complained that Richer violated the securities laws by alleging that Richer engaged in unsuitable investment advice, and breach of fiduciary responsibility. The damage amount requested was $26,473. The claim settled in the amount of $16,300.
In June 2016, a customer complained that Richer violated the securities laws by alleging that Richer engaged in unauthorized trading, negligence, and failure to supervise. The damage amount requested was $150,000. The claim settled in the amount of $30,000.