Ex-LPL Broker Accused of Investment Fraud

Posted on September 2nd, 2014 at 6:11 PM

From the Desk of Jim Eccleston at Eccleston Law Offices:

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.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston


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