Ex-LPL Broker Accused of Investment Fraud
The SEC has accused Blake B. Richard, a former LPL Financial Adviser, of bilking clients of nearly $1.7 million.
From 2008, Richard defrauded his clients as they invested in entities that he controlled, such as “Blake Richards Investments” or “BMO Investments”, with the promise that their money would be invested in fixed-income investments, variable annuities or equities. However, Richard used that money to pay his personal expenses, and provided fictitious account statements to his clients. Most of investors’ money was retirement savings or life insurance proceeds from deceased spouses.
LPL terminated Richards in May, 2013, launched its own investigation and informed regulators. FINRA barred Mr. Richards in June, 2013.
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