California Securities Fraud Attorney Call Today 800-699-1881
California Securities Fraud Lawyer Firm Overview Attorney Profiles Recoveries Obtained Frequently Asked Questions Testimonials Contact Us
information center
Attorney Advertising Disclaimer
Securities
Broker Misrepresentation
Brokerage Firms Sued
FINRA
Structured Products
Hedge Fund Losses
Recognizing Investment Losses
Recovery of Investment Loss
Securities Arbitration
Reverse Convertible
Misconduct
Securities Fraud
Securities Mediation
Securities Litigation
Stock/ Investment Losses
Suitability/ Unsuitability
Unauthorized Trading
Common Claims
Products
Frequently Asked Questions
Attorney Referrals
Video Center
securities fraud blog
legal blog Click here for a free case evaluation. Read our Articles on Securities Related Issues here. have a question resources
contact us
Name:
Email:
Phone:
Are you a new client?
Message:
10 Avvo avvo badge
If you need help recovering your losses contact us today. View our complete list of brokerage firms and banks we've sued.

Former LPL Financial Adviser Blake Richards Charged in $2 Million Fraudulent Scheme

The Securities and Exchange Commission (SEC) charged former LPL Financial LLC broker Blake Richards with misappropriating $2 million from at least six clients in relation to a fraudulent scheme.

2013 has been a challenging year for LPL. In February, the Massachusetts Security Division ordered LPL to pay over $2 million in restitution for misconduct related to non-traded REIT transactions while just this week, LPL was ordered to pay a record $9 million for failures related to e-mail communications.

According to the SEC, the misappropriated money was comprised of "retirement savings and/or life insurance proceeds from deceased spouses."

The complaint describes the specific alleged story in which Richards gained one investor's trust by delivering pain medication during a snowstorm to a client whose husband was ill with terminal pancreatic cancer.

Upon learning of the misconduct, LPL terminated Richards' employment and maintains that the former adviser did not take client funds from accounts at LPL, with the SEC's complaint alleging that Richards engaged in a "selling away" scheme in which Richards engaged in outside business away from the firm in order to defraud investors.

Richards allegedly effected the fraudulent scheme by instructing retirement account and life insurance clients to write checks to "Blake Richards Investments" or "BMO Investments," both entities Richards owned or controlled. The complaint alleges that upon receiving payment, Richards misappropriated the funds.

We have represented investors in almost identical fraudulent schemes, successfully bringing claims against the brokerage firms which were obligated to supervise the business activities of their registered representatives (brokers).

If you invested with Blake Richards, LPL or with any broker or financial professional who has engaged in outside business activities or "selling away" in violation of firm policies, industry rules or whose shady dealings have proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

News: Ex-LPL adviser charged with stealing $2M from clients (InvestmentNews)

accolades
The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
Located at 12711 Ventura Boulevard, Suite #440 Studio City, CA 91604. View Map
Phone: (800) 699-1881 | Local Phone: (818) 760-9880.
Website: