United Planners Financial Services of America Advisor Charged with Real Estate Fraud
From the Desk of Jim Eccleston at Eccleston Law LLC:
The state of Massachusetts has charged United Planners Financial Services of America advisor, Thomas Riquier with running a 26-year real estate investment scheme and defrauding clients and other investors out of at least $1 million.
According to Massachusetts, Mr. Riquier allegedly deceived his victims into thinking that the money they invested in property in Rowley, Massachusetts would be sold for a profit within four to eight years. Instead, Mr. Riquier used investor money for his personal use.
Overall, Mr. Riquier raised $730,000 from investors who bought units of ownership in the Rowley fund and borrowed additional money from clients in the form of personal loans dating back to the early 1990s.
In addition, the regulators accused Mr. Riquier’ s employer, United Planners, of failing to supervise him during the ongoing fraud.
In its complaint, Massachusetts seeks an order requiring both Mr. Riquier and United Planners to cease and desist from the alleged misconduct. The state also is seeking restitution to compensate investors for their losses under the scheme, among other remedies.
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