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

Tags:

Return to Archive

TESTIMONIALS

Previous
Next

This was the best of all possible outcomes and I cannot thank you and the team enough.

Michael S.

LATEST NEWS AND ARTICLES

June 23, 2022
Former Credit Suisse Advisor Prevails in Deferred Compensation Claim

A former Credit Suisse advisor has prevailed on a $2.2 million arbitration claim after alleging that the firm improperly withheld his deferred compensation when it discontinued its U.S. brokerage business in 2015. 

 
 
June 23, 2022
Eccleston Law LLC Investigates Recovery Options for NRIA Investors

Headquartered in Secaucus, NJ, National Realty Investment Advisors (NRIA) recently declared bankruptcy amid investor redemption requests, federal and state investigations, and unsustainable debt.

 
 
June 22, 2022
SEC Charges Three Additional Advisors for Recommending Horizon Ponzi Scheme to Investors

The Securities and Exchange Commission (SEC) has filed suit against Michael Mooney, Britt Wright, and Penny Flippen pertaining to their engagement with a Ponzi scheme, which raised at least $110 million from nearly 400 investors.