Last Updated: August 2025 — New York, NY
Here’s what you need to know about New York, NY, stockbroker Richard S. Siminou:
- Name: Richard S. Siminou
- CRD Number: 5605796
- Alias: Rich Siminou
- Current Employers: Kingswood Wealth Advisors, LLC; Kingswood Capital Partners, LLC
- Primary Locations: New York, NY
- Function: Stockbroker / Financial Advisor
- Previously Registered With: Benchmark Investments, LLC; Benchmark Advisory Services, LLC; Cape Securities Inc.; Newbridge Securities Corporation
- Other Business Affiliations: Insurance agent (no production); Siminou Wealth Management
- Can Richard S. Siminou be sued in FINRA arbitration? Yes
- Sanctioned by FINRA? Yes
- Highest Settlement or Award: $37,500
- Pending Customer Dispute Seeks Damages of $9380
If you’ve sustained damages from Mr. Siminou, discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Richard S. Siminou As Your Stockbroker?
Regulatory Sanction #1 (FINRA Case No. 2019064511205)
On August 31, 2023, FINRA found that Siminou excessively and unsuitably traded two elderly clients’ accounts. His trading caused annualized cost-to-equity ratios of over 29% and 34% — requiring investments to gain over those percentages just to break even. This generated $17,021 in commissions and fees for Siminou who was suspended for four months (9/18/23 – 1/17/24), fined $5,000, and ordered to pay $17,021 plus interest in restitution.
Regulatory Sanction #2 (Maryland, Docket #2023-0260)
Maryland sought revocation of his license due to the same conduct. Siminou entered an Acceptance, Waiver & Consent (AWC) with Maryland regulators on February 13, 2024, agreeing not to reapply as a broker-dealer or agent in Maryland and paying a $500 fine.
FINRA Case No. 22-00102
A customer of Newbridge Securities Corporation alleged improper investment recommendations, failure to perform due diligence, unsuitable investments, failure to supervise, and negligence in alternative investments. The matter settled on April 25, 2023, for $37,500.
Pending Arbitration
A pending claim filed by a customer of Newbridge Securities , FINRA Case No. 23-02368, alleges unsuitability, failure to supervise, and negligence in trading listed equities, seeking $9,380.
Allegations of Broker Misconduct Against Richard S. Siminou
- Excessive and unsuitable trading in elderly clients’ accounts
- Recommendations that generated unreasonable costs and commissions
- Failure to supervise accounts and maintain appropriate trading practices
- Mismanagement of alternative investments and high-commission strategies unsuitable for elderly investors
What is Excessive Trading (Churning)?
Churning According to U.S. Securities and Exchange Commission (SEC)
Other Investigations Involving Churning
Information on Elder Financial Abuse
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by Richard S. Siminou, 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.