Richard Martin Ohlhaber (Richard Ohlhaber) Barred from Securities Industry – Goodman & Nekvasil P.A., May Recover Investor Losses

Goodman & Nekvasil P.A., May Recover Investor Losses - Richard Martin Ohlhaber (Richard Ohlhaber) Barred from Securities Industry 

Richard Ohlhaber was licensed with Southwest Securities, Inc. from 2008 to 2012. Richard Ohlhaber was subsequently licensed with FSC Securities Corporation. Richard Ohlhaber was barred from the securities and investment banking industry by the Financial Industry Regulatory Authority (FINRA) on January 27, 2014. FINRA reports that Richard Ohlhaber consented to the sanction and to the entry of findings that Richard Ohlhaber recommended the purchase of life settlement contracts and assisted customers with those purchases for compensation.

FINRA found that Richard Ohlhaber paid certain fees related to Life Partners for customers whose contracts were held in IRAs. Richard Ohlhaber received commission checks from Life Partners totaling over $300,000. According to FINRA, these checks were addressed to Ohlhaber Asset Management, LLC whose sole members were Richard Ohlhaber and Richard Ohlhaber’s wife. Life Partners’ contract was not an approved product at either of Ohlhaber’s member firms. According to FINRA, Richard Ohlhaber never provided written notice of Richard Ohlhaber’s involvement in the sales of Life Partners’ life settlement contracts to either of Richard Ohlhaber’s firms and never obtained either firm’s permission to engage in such outside business activity. In fact, FINRA found that Richard Ohlhaber completed questionnaires at both firms in which Richard Ohlhaber represented that Richard Ohlhaber was not engaged in any outside business activity, and Richard Ohlhaber misrepresented to one of the firms that Ohlhaber Asset Management, LLC was a shell that was not engaged in any business. FINRA reports that Richard Ohlhaber appeared at an on-the-record interview, requested by FINRA, and Richard Ohlhaber failed to respond truthfully. According to FINRA, this sworn testimony was material to FINRA’s investigation and by testifying falsely, Richard Ohlhaber impeded the investigation.

FINRA also reports that Richard Ohlhaber was previously fined $50,000 and barred from acting in a supervisory capacity in the securities industry by the SEC in December 2003. FINRA reports that Richard Ohlhaber consented to the sanctions and to the entry of findings that Richard Ohlhaber failed reasonably to supervise, within the meaning of section 15(B) of the Exchange Act, the activities of registered representatives, each of whom had a disciplinary history or a history of customer complaints.

If you lost any money on investments with Richard Ohlhaber, you may be able to recover your losses from Southwest Securities, Inc. and/or FSC Securities Corporation. This is because Southwest Securities, Inc. and FSC Securities Corporation had a duty to supervise Richard Ohlhaber.

If you lost money on investments with Richard Ohlhaber 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 Southwest Securities, Inc. and/or FSC Securities Corporation concerning Richard Ohlhaber’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 investments with Richard Ohlhaber 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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