Richard Edwin Seidel (Richard Seidel) Suspended from Securities Industry and Fired by Pruco Securities, LLC– Goodman & Nekvasil P.A., May Recover Loan and/or Investment Losses
Goodman & Nekvasil P.A., May Recover Loan and/or Investment Losses - Richard Edwin Seidel (Richard Seidel) Suspended from Securities Industry and Fired by Pruco Securities, LLC
From 1983 until Richard Seidel’s firing in 2016, Richard Seidel was licensed with Pruco Securities, LLC. According to FINRA’s records, Richard Seidel was fired by Pruco Securities, LLC on June 23, 2016. Pruco Securities, LLC reported to FINRA that Richard Seidel was accused of borrowing money from a client without firm approval.
Subsequent to Richard Seidel’s firing, FINRA investigated Richard Seidel and brought a disciplinary action against Richard Seidel. Richard Seidel consented to a 4 month suspension from the securities and investment banking industry on December 14, 2016. Richard Seidel also consented to the entry of findings that Richard Seidel borrowed $55,000 from Richard Seidel’s member firm’s customer, who was also Richard Seidel’s longtime personal friend, without seeking or obtaining Richard Seidel’s firm’s pre-approval. The findings stated that Richard Seidel and the customer had no written or verbal agreement regarding the timing or other terms of repayment, and Richard Seidel has not repaid any portion of the loan. According to FINRA, at the time of the loan, the firm’s policies and procedures allowed representatives to borrow from customers only where the customer was a member of the representative’s immediate family. According to FINRA, the firm discovered the loan when a relative of the customer complained about it.
FINRA also reports that a complaint was filed involving Richard Seidel’s conduct with Pruco Securities, LLC. The customer alleges Richard Seidel took a loan from his policy and has not returned the funds. This complaint which sought $55,000 in damages, was settled for $118,734.65.
If you lost any money on loans and/or investments with Richard Seidel, you may be able to recover your losses from Pruco Securities, LLC. This is because Pruco Securities, LLC had a duty to supervise Richard Seidel.
If you lost money on loans and/or investments with Richard Seidel, and believe that the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against Pruco Securities, LLC concerning Richard Seidel’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $300 million on behalf of victimized investors. If you lost money on loans and/or investments with Richard Seidel and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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