Goodman & Nekvasil P.A. May Recover Investor Losses | Richard Cody, Formerly Licensed Financial Advisor Pleads Guilty to Investment Advisor Fraud
Richard Cody Pleads Guilty to Investment Advisor Fraud
According to the SEC Richard Cody, an investment adviser and broker representative, defrauded at least three of his clients for years by concealing the fact that their retirement accounts had suffered extensive losses and that the monthly payments they were receiving were exhausting their retirement savings. According to the SEC, Richard Cody concealed their substantial losses by making materially misleading statements, leading the clients to believe that their investments were maintaining steady value and that their monthly withdrawals were being financed by investment gains. According to the SEC, all the while, Richard Cody concealed the material fact that the clients’ account values were actually being rapidly depleted. According to the SEC, by mid-2014, two of these clients’ accounts had essentially run out of funds.
According to the SEC, to prevent Richard Cody’s clients from detecting his longstanding fraud, Richard Cody continued his scheme by engaging in various deceptive acts aimed at concealing from the clients that their money was gone. According to the SEC, these acts included: (1) making wire transfers of monthly deposits to his defrauded clients’ bank accounts from sources other than their own retirement accounts so that they would not know their retirement funds had run out; (2) responding to requests from a client for a withdrawal of retirement funds by falsely representing that the client’s funds had been invested in an annuity and then sending the client a fraudulent document to create the appearance that a well-known financial firm held an annuity for that client; and (3) sending clients fabricated tax forms which purported to show retirement account distributions and tax withholding in order to disguise the fact that the clients’ accounts were essentially empty. According to the SEC, as recently as March 2016, Richard Cody lied to a third client by telling a husband and wife that they had $1.28 million remaining in their investment accounts when, in fact, their retirement accounts held only approximately $162,560.
Investors with Richard Cody may Recover Investment Losses
If you invested with Richard Cody, Goodman & Nekvasil, P.A. may help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, has recovered more than $180 million dollars on behalf of victimized investors.
All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years.
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.
If you incurred investment losses with Richard Cody 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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