January 2024-Plano, TX
The FINRA records of Richard (“Rick”) E. Poston , a stockbroker who last worked for H. Beck (now known as Grove Point Investments) in Plano, TX, discloses a pending customer dispute, 5 prior customer disputes and a termination from employment.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In 12/2023 a customer of Grove Point Investments (formerly H. Beck) filed a FINRA arbitration alleging that Poston recommended an unsuitable investment, NorthStar Healthcare Income REIT. The customer also alleges breach of fiduciary duty and over concentration and is seeking damages of $300,000 in this currently pending matter.
Investigations involving Over-Concentration
See this for more information on REITs and Other Alternative Investments
Alternative Investments: These are assets that are not stocks, bonds or cash. Alternative investments generally fall within five categories: hedge funds, private capital, natural resources (oil and gas, energy), real estate (REITs) and infrastructure. They are typically less liquid that conventional investments, less regulated with higher fees and generally higher risk. For more investigations involving Alternative Investments, see this.
In March 2016 a customer of H. Beck filed FINRA Case # 16-0766 seeking $200,000 in damages and alleging that he was sold an unsuitable concentration of illiquid investments in non publicly traded real estate investment trusts (REITs) between 10/2007-9/2015. In July 2016 the case was settled for $185,000.
IN 7/2017 a customer of H. Beck filed FINRA Case 17-1789 alleging that Poston over concentrated their account with high risk, illiquid REITs and business development companies (BDCs). That case was settled for $25,000.
Poston was employed by H. Beck from 3/2010 until he was discharged in 12/2015 for failing to cooperate with an internal investigation. Prior to that he worked for a number of other brokerage firms in the Plano area, including LPL Financial.
Unfortunately Mr. Poston passed away suddenly and unexpectedly in March of 2016.
Investors with losses in accounts that were handled by Rick Poston may be able to recover damages through FINRA arbitration, a method of dispute resolution that is typically much shorter in duration and far less costly that court litigation. We typically accept these cases on a contingent fee basis. Call for a no charge consultation.
H. Beck rebranded. Now known as Grove Point Financial
In 2021 H. Beck, “a boutique independent broker-dealer and registered investment adviser (RIA)” , according to their press release, changed the name of the 40+ year old firm to Grove Point Financial and is now a part of Atria Wealth Solutions. Atria also owns several other broker dealers including Cadaret Grant, CUSO Financial/ Sorrento Pacific, NEXT Financial, SCF Securities and Western International Securities (WIS). In February 2024 LPL Financial announced entering into a definitive purchase agreement to acquire Atria Wealth Solutions.
Investors with claims against H. Beck may bring actions against Grove Point Financial.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
Investigation of LPL Financial and LPL Brokers
Investigations involving Over-Concentration
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