Ex-LPL Broker Pleads Guilty to Investment Fraud

Posted on November 25th, 2014 at 9:26 AM

From the Desk of Jim Eccleston at Eccleston Law Offices:

Blake Richards, a former broker for LPL Financial LLC, will pay more than $1.9 million in restitution to his clients to resolve an SEC fraud suit against him.

According to the SEC, since 2008, Richards misappropriated approximately $2 million from at least six investors, who typically handed over to him their retirement savings or life insurance proceeds from deceased spouses.

Richards instructed the investors to write out checks to one of two entities called “Blake Richards Investments” or “BMO Investment”. He told investors he would put their funds in fixed-income assets, variable annuities and other securities, but never did so. He then "siphoned off" their money for his personal use.

FINRA barred Richards from the industry in September, 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: LPL Financial, SEC, James Eccleston, Eccleston Law

Return to Archive



As a financial advisor with over 20 years of experience, I feel fortunate to call Jim my attorney and friend. He is a fantastic lawyer and trusted advisor. He is skilled in the matters necessary to do the job well. He uses his thoughtful approach and calm demeanor to achieve a positive outcome for the client. If you want to feel confident that nothing will be missed and that you will be represented in a highly professional manner, call Jim Eccleston.

Bill C. and Dan M.


January 21, 2022
CFP Board Establishes New Appeals Commission

The Certified Financial Planner (CFP) Board of Standards has established a new Appeals Commission. As the name suggests, the Appeals Commission possesses the sole authority to adjudicate appeal hearings.

January 20, 2022
Edward Jones Fails To Convince Supreme Court To Review Federal Preemption of Account Fee Suit

Edward Jones & Co. failed to convince the U.S. Supreme Court to analyze how a federal securities law impacts a client dispute pertaining to fee-based accounts.

January 19, 2022
SEC Charges Texas Entities Over Oil and Gas Fraud

The Securities and Exchange Commission (SEC) has charged The Heartland Group Ventures, Heartland Production and Recovery, six other Heartland-affiliated entities, four Heartland-affiliated individuals as well as several oil and gas operators.