Goodman & Nekvasil P.A., May Recover Your Investment Losses – Richard Anthony McCollam (Richard McCollam) Fired by Royal Alliance Associates, Inc. and Appealing Suspension from Securities Industry
Richard McCollam was licensed with SII Investments, Inc. from 2010 to 2012. Richard McCollam was subsequently licensed with National Planning Corporation. Richard McCollam was previously licensed with Royal Alliance Associates, Inc. from 1994 until Richard McCollam’s firing on August 26, 2010. Royal Alliance Associates, Inc. reported to FINRA that Richard McCollam was accused of failing to follow firm policy regarding the pre-approval of variable annuities.
FINRA reports that Richard McCollam was named a respondent in a FINRA complaint, alleging that Richard McCollam willfully failed to disclose two customer arbitrations and seven written customer complaints on Richard McCollam’s Form U4. FINRA reports that a Hearing Panel Decision was rendered on May 17, 2017, wherein Richard McCollam was fined $10,000, suspended from association with any FINRA member in any capacity for nine months, and ordered to pay costs in the amount of $3,789.69. The Hearing Panel Decision found that Richard McCollam willfully failed to timely amend Richard McCollam’s Form U4 to disclose two customer arbitrations and six written customer complaints on the Form U4 filed on January 22, 2014. The Hearing Panel Decision also found that Richard McCollam’s failure to disclose the two customer arbitrations and six customer complaints constituted material omissions. The Hearing Panel Decision found that Richard McCollam’s conduct was willful and the missing information was material.
FINRA also reports that on June 7, 2017, Richard McCollam filed with the Office of Hearing Officers an appeal of the Hearing Panel Decision, dated May 17, 2017. Therefore, FINRA reports that the sanctions are not in effect pending review.
FINRA reports that three complaints and/or arbitration claims involving Richard McCollam’s conduct with SII Investments, Inc. and/or a prior employer have been filed. These complaints and/or arbitration claims allege Richard McCollum failed to supervise another advisor, who is alleged to have made unsuitable recommendations, breach of fiduciary duty, violations of California’s Securities Act, negligence/negligent misrepresentation, breach of contract, and/or other allegations. These three complaints and/or arbitration claims all settled, with the largest settling for $175,000.
FINRA also reports that nine arbitration claims involving Richard McCollam’s conduct with a prior employer are currently pending. The largest of these complaints and/or arbitration claims seek $261,000, $189,000, $160,000, $145,000, $142,000, and $116,000.
If you lost any money on investments with Richard McCollam, you may be able to recover your losses from SII Investments, Inc. and/or National Planning Corporation. This is because SII Investments, Inc. and National Planning Corporation had a duty to supervise Richard McCollam.
If you lost money on investments with SII Investments, Inc. and/or National Planning Corporation 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 SII Investments, Inc. and/or National Planning Corporation. concerning Richard McCollam’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. Our firm has recovered more than $170 million for victimized investors. If you lost money on investments with Richard McCollam 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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