Can I recover losses from unsuitable investment recommendations made by former Investacorp, Inc. broker William Richardson Jr. (CRD# 721293)? William Richardson Jr. has been registered with Avantax Investment Services, Inc. in Houston, Texas since 2020. Previously, William Richardson Jr. was registered with Securities America Advisors, Inc. in Houston, Texas from July to October 2020 and with Investacorp Advisory Services Inc. in Houston, Texas from 2012 to 2020.
William Richardson Jr. Customer Complaints
William Richardson Jr. has been the subject of six customer complaints between 2008 and 2020, two of which were denied and one was closed without action, according to his CRD report. The most recent complaints were regarding:
- June 2020. “Approximately 4-7 years after electing to invest in REITs and BDCs, Claimant (a retired lawyer) now alleges that the investments were unsuitable.” The case was settled for $90,000. The complaints were regarding real estate securities and took place while William Richardson Jr. was registered with Investacorp, Inc.
- November 2018. “After almost a decade of electing to invest in alternative investments through Registered Representative, and receiving dividends on same, subsequent dissatisfaction with investment performance has prompted Claimants to now allege, many years after the fact, that the investments were unsuitable at the time of sale.” The customer sought $500,000 in damages and the case was settled for $100,000.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Investacorp, Inc. may be liable for investment or other losses suffered by William Richardson Jr.’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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