Leonard Rich, a veteran New York stockbroker is facing a legal storm. There are many things that investors should know. Leonard Rich has a history of professional mishandlings. His nemesis is determined to make him face the music for his numerous wrongdoings.
Leonard Rich: A Closer Look
Currently employed at Joseph Gunnar & Co. after serving at Kirlin Securities Inc., the name Leonard Rich is now associated with a controversial reputation. With a CRD Number of 375427 this stockbroker has no problem with customer disputes.
Leonard Rich – or, should we say Mr. Leonard Neil Rich – can also be sued according to the Financial Industry Regulatory Authority regulations. In fact, he was fired by a former employer. Rich’s highest award or settlement in favour of an investor who was harmed is a staggering $350,000.
Rich is currently facing a customer dispute for $114.500 due to his malpractices. In this case, the main accusations are that Rich inflated his investment goals and risk toleration on new account forms. He also allegedly fell for excessive trading, despite warning signs.
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Digging deeper: Understanding Rich’s unethical practices
Leonard Rich’s past is marred by a number of cases of broker misconduct. His pantheon of professional misconduct includes unsuitable investments, unauthorized account churning and trading authority assumed without consent. He also has incorrect risk tolerance, investment goals and account forms.
Rich was forced to pay $350,000 in a dispute from 2014 to settle the complaint of a client. Rich was ordered to pay $350,000 in 2014 for a customer’s complaint.
Rich, who was accused of borrowing money and trading on a client’s behalf without the proper written permission of the client, had been allowed to resign before from Prudential.
What Role Does FINRA, the Regulator, Play in the Picture
Financial Industry Regulatory Authority, or FINRA, is the regulator that oversees and licenses stockbrokers. FINRA mandates that brokers and firms report all customer complaints, disputes and regulatory sanctions. They also have to disclose any personal bankruptcy, judgments and liens.
FINRA Rule 3110 and Rule 2090, which shed light on the duties and responsibilities of firms and brokers specify that they are required to adhere to the suitability rules, which mandates that they have a reasonable reason to believe that a recommendation for an investment is suitable for a customer.
You Can Reclaim Your Losses by Taking Redemption.
Money lost due to the negligence or malpractice of a stockbroker is unquestionably devastating. There are several legal options available to you in order to recover your losses. Investments like GPB Capital, private placements, non non-traded REITs should be done by sophisticated investors. Leonard Rich has committed unscrupulous acts that have caused investment losses. If this is the case, you can get help. A free consultation with a securities attorney is the first step towards potential recovery. You can discuss your case, and look at all of your options.
Leonard Rich might not see justice anytime soon, but investors don’t have to carry the financial burden on their own. To expedite your recovery of hard-earned money, contact an investment fraud lawyer today.