May 2016-Farmingdale, New York
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.
According to FINRA records, Richard L. Brown discloses:
- One pending and one final criminal charge. The pending criminal charge is Conspiracy to Commit Securities Fraud, Securities Fraud, Money Laundering Conspiracy and Conspiracy to Commit Wire Fraud. See this release dated May 3, 2016 from the US Attorney’s office for Eastern District of New York.
- 1 pending civil event-See this SEC Litigation Release announcing fraud charges against Brown.
- 1 pending customer dispute, FINRA Case 15-02488 in which a customer of Brown’s while he was registered at Brookstone Securities alleges damages of $72,133 for churning and suitability. Four prior settled customer complaints including FINRA Case 14-2890 in which a customer while Brown was registered with Chelsea Financial Services alleged damages of $120,000 for excessive trading and unsuitable recommendations. That case was settled for $125,000.
According to FINRA records, Brown was registered with Arive Capital Markets from 11/2015-5/2016. Prior to that he was registered with Chelsea Financial Services from 2/2012-11/2015 and before that with Brookstone Securities from 12/2008-3/2012.
If you have questions about an account handled by Florence M. Simeon contact us to discuss your options and to learn how you may be able to recover damages through FINRA arbitration.
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.
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