Last Updated: December 2023 (New York, NY)
Leonard Rich Investigation Summary
Here’s what you need to know about New York, NY, stockbroker Leonard RIch:
- Name: Mr. Leonard Neil Rich
- Current Employer: Joseph Gunnar & Co.
- Previous Firms: Kirlin Securities Inc.
- Function: Stock Broker/ Financial Advisor
- Aliases: Leonard Rich
- Primary Location: New York, NY
- CRD 375427
- Can Leonard Rich be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: No
- Terminated by prior employer: Yes
- Highest Settlement or Award: $350.000
- Pending Customer Dispute Seeks Damages of $114,500
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Leonard Rich As Your Stockbroker?
In 11/2023 a customer of Joseph Gunnar made a claim that Leonard Rich mishandled their account by inputting incorrect investment objectives and risk tolerance on the new account forms and then engaged in excessive trading. The customer also alleges that the firm ignored red flag warning signs. Damages of $114,500 are sought in this pending matter.
Leonard Rich discloses 4 prior customer disputes that were settled including one in 2014 when a customer of Joseph Gunnar was paid $$350,000 to resolve claims that Rich traded their account excessively (churning) , made unauthorized trades and unsuitable investment recommendations.
Earlier in his career, Prudential “permitted” Rich to resign to resolve allegations that he borrowed money from a client and made certain trades in a client account without proper written authorization.
Allegations of Broker Misconduct Against Leonard Rich
Customers of Leonard Rich have alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendations
- Account churning
- Trading without authority
- Inputting incorrect risk tolerance and investment objectives on new account forms
Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090)
Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer. FINRA Rule 2111- suitability
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.
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by Leonard Rich, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
