Did you lose money investing with Richard Coleman (a/k/a Rich Coleman, Rick Coleman) (CRD# 2720422)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Richard Coleman (a/k/a Rich Coleman, Rick Coleman). If you suffered losses investing with Richard Coleman (a/k/a Rich Coleman, Rick Coleman), then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
As of September 16, 2020, Richard Coleman (a/k/a Rich Coleman, Rick Coleman)’s FINRA BrokerCheck Report contains the following:
SUSPENDED: FINRA has suspended this individual from acting as a broker. Please see the detailed report for more information.
11 Customer Dispute(s)
4 Regulatory Event(s)
2 Criminal Disclosure(s)
UPDATE 9/16/2020: According to FINRA’s October 2019 Disciplinary Actions: “Richard James Coleman (CRD #2720422, Mount Sinai, New York) August 8, 2019 – An AWC was issued in which Coleman was assessed a deferred fine of $15,000, suspended from association with any FINRA member in all capacities for two years and ordered to pay $139,930, plus interest, in deferred restitution to customers. Without admitting or denying the findings, Coleman consented to the sanctions and to the entry of findings that he excessively traded and engaged in quantitatively unsuitable trading in the accounts of the customers. The findings stated that Coleman recommended the trading in the accounts and the customers followed his recommendations. As a result, Coleman exercised de facto control over the accounts. Coleman’s trading was excessive and unsuitable given the customers’ investment profiles. As a result of Coleman’s trading, the customers suffered collective losses of $225,745 and paid $139,930 in commissions and fees. The findings also stated that Coleman caused his member firm’s books and records to be inaccurate by routinely mismarking sale orders for customers as unsolicited when, in fact, he solicited the sales. The suspension is in effect from August 19, 2019, through August 18, 2021. (FINRA Case #2017052699301)
Current and Previous Registrations
05/07/2018 – 03/14/2019 SW FINANCIAL (CRD#:145012) MELVILLE, NY
06/05/2017 – 06/06/2018 RICHARD JAMES & ASSOCIATES, INC. (CRD#:169131) Syosett, NY
02/24/2016 – 03/03/2017 SALOMON WHITNEY FINANCIAL (CRD#:145012) Melville, NY
03/30/2015 – 02/25/2016 LEGEND SECURITIES, INC. (CRD#:44952) MILLER PLACE, NY
FINRA expelled the firm on 04/17/2017
03/12/2015 – 03/20/2015 TRYCO SECURITIES, INC. (CRD#:104025) Melville, NY
03/05/2013 – 03/13/2015 BROOKVILLE CAPITAL PARTNERS (CRD#:102380) MELVILLE, NY
FINRA expelled the firm on 06/08/2015
09/18/2012 – 01/07/2013 JOHN THOMAS FINANCIAL (CRD#:40982) NEW YORK, NY
FINRA expelled the firm on 10/31/2013
06/21/2012 – 10/18/2012 WOODSTOCK FINANCIAL GROUP, INC. (CRD#:38095) FARMINGDALE, NY
08/13/2009 – 03/26/2012 ROCKWELL GLOBAL CAPITAL LLC (CRD#:142485) PORT JEFFERSON, NY
09/18/2008 – 08/20/2009 AURA FINANCIAL SERVICES, INC. (CRD#:42822) EAST SETAUKET, NY
02/25/2008 – 10/06/2008 A&F FINANCIAL SECURITIES, INC. (CRD#:44791) MOUNT DORA, FL
02/21/2006 – 03/11/2008 NEW CASTLE FINANCIAL SERVICES LLC (CRD#:102380) MELVILLE, NY
FINRA expelled the firm on 06/08/2015
08/25/2004 – 03/08/2006 BENSON YORK GROUP, INC. (CRD#:40231) MELVILLE, NY
FINRA expelled the firm on 09/27/2006
07/07/2004 – 08/11/2004 LH ROSS & COMPANY, INC. (CRD#:37920) BOCA RATON, FL
FINRA expelled the firm on 03/17/2005
01/06/2004 – 07/08/2004 GRANITE ASSOCIATES, INC (CRD#:46682) DELRAY BEACH, FL
04/28/2003 – 01/21/2004 CONTINENTAL BROKER-DEALER CORP. (CRD#:14048) CARLE PLACE, NY
FINRA expelled the firm on 05/06/2004
09/04/2002 – 05/28/2003 GUNNALLEN FINANCIAL, INC (CRD#:17609) TAMPA, FL
01/02/2001 – 10/03/2002 HARRISON SECURITIES, INC. (CRD#:14103) PORT WASHINGTON, NY
FINRA expelled the firm on 12/16/2004
03/18/1998 – 12/31/2000 WHITEHALL WELLINGTON INVESTMENTS, INC. (CRD#:38022) PORT WASHINGTON, NY
09/10/1996 – 02/26/1998 GAINES, BERLAND INC. (CRD#:14623) BETHPAGE, NY
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Richard Coleman (a/k/a Rich Coleman, Rick Coleman) and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.