SEC Charges Former LPL Advisor With Fraud


On May 23, 2013, the SEC charged a former LPL Financial LLC advisor, Blake Richards, with fraud and misappropriating $2 million from at least six clients.  The SEC filed the civil complaint in the U.S. District Court for the Northern District of Georgia.
According to an article by Bruce Kelly in Investment News, “when investors allegedly told Mr. Richards they had funds to invest from a retirement account rollover or proceeds from a life insurance policy, he allegedly told them to write out checks to an entity called “Blake Richards Investments” or “BMO Investments.”
According to H. Davis at Page Perry, this charge comes right after a the Financial Industry Regulatory Authority ordered LPL to pay a total of $9 million for significant email system failures and making misstatements to regulators.
Page Perry is an Atlanta-based law firm with over 125 years collective experience representing investors in securities-related litigation and arbitration. While past results are not indicative of future success, Page Perry’s attorneys have recovered over $1,000,000 for clients on more than 30 occasions. Page Perry’s attorneys are actively involved in representing institutional and corporate investors in auction-rate securities cases. For further information, please contact us.