Goodman & Nekvasil P.A, May Recover Investor Losses – Howard Deen Richards (Howard Richards) Formerly Licensed with Cambridge Investment Research, Inc., Barred from Securities Industry
From 2001 until 2013, Howard Richards was licensed with Cambridge Investment Research, Inc. Howard Richards was subsequently licensed with NFP Advisor Services, LLC.
FINRA reports that The SEC brought an enforcement action against Howard Richards in 2015. Howard Richards consented to a bar from the securities industry a $75,000 monetary fine, a $62,000 disgorgement and a $7,000 monetary penalty. FINRA reports that Howard Richards consented to the entry of findings that Howard Richards, an investment advisory representative associated with an investment adviser firm, engaged in a manipulative scheme to support the market price of the common stock of a company, which Howard Richards believed would help the company obtain financing. The findings state that, in breach of Howard Richards’s fiduciary duty, Howard Richards failed to disclose to clients significant conflicts of interest arising from Howard Richards’s ownership of company shares, personal loans to the company’s officers, payment of company expenses, and Howard Richards’s editing and providing content for the company’s shareholder communications, before Howard Richards bought shares of the company for them. The findings state that, to affect the supply of the company’s stock into the market and prevent downward pressure on the price, Howard Richards convinced clients and other shareholders to not sell the stock and, when he could not prevent sales by clients, Howard Richards placed orders simultaneously for other clients to buy the stock.
If you lost any money on investments with Howard Richards, you may be able to recover your losses from Cambridge Investment Research, Inc. and/or NFP Advisor Services, LLC. This is because Cambridge Investment Research, Inc. and NFP Advisor Services, LLC had a duty to supervise Howard Richards.
If you lost money on investments with Howard Richards, 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 Cambridge Investment Research, Inc. and/or NFP Advisor Services, LLC, concerning Howard Richards’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 $170 million on behalf of victimized investors. If you lost money on any investments with Howard Richards 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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