Ricky Biel – SEC Orders Financial Advisor/Broker to Cease and Desist

Ricky Biel – SEC Orders Financial Advisor/Broker to Cease and Desist | Goodman & Nekvasil P.A., May Recover Investor Losses

Ricky Biel aka Jaime Biel Financial Advisor/Broker CRD #4123346

Ricky Biel was a previously licensed financial advisor with Arete Wealth Management, LLC.

According to the SEC:

The Securities and Exchange Commission (“Commission”) deems it appropriate and in the public interest that public administrative and cease-and-desist proceedings be, and hereby are, instituted pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940 (“Advisers Act”) against HBA Advisors, LLC (“HBA”) and Jaime Enrique Biel (“Biel”) (collectively, “Respondents”). The Commission finds that these proceedings arise out of HBA’s violations and Ricky Biel’s causing HBA’s violations of the testimonial rule under the Advisers Act, which states that it shall constitute a fraudulent, deceptive, or manipulative act, practice, or course of business for any investment adviser registered with the Commission to publish, circulate or distribute any advertisement which refers to, among other things, any testimonial of any kind concerning the investment adviser. HBA violated, and Biel caused HBA to violate, the testimonial rule under the Advisers Act by publishing on the internet advertisements containing testimonials concerning HBA, Biel and the investment advice and services they render. The testimonials were available to the public on various websites, including Yelp.com and Facebook.com.

According to Ricky Biel’s CRD, a customer dispute alleging sales practice violations against Ricky Biel has been filed. According to Ricky Biel’s CRD, a former client allegedly expressed unhappiness with the performance of Ricky Biel’s account and claims that the trading strategy used in his account did not meet his needs. This customer dispute was settled for $95,000.

If you lost money on investments with Ricky Biel  and believe 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 concerning Ricky Biel’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 $180 million on behalf of victimized investors. If you lost money on investments with Ricky Biel 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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