Did you lose money investing with Richard Riemer (CRD# 1721245)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Richard Riemer. If you suffered losses investing with Richard Riemer, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of October 9, 2020, Richard Riemer’s FINRA BrokerCheck Report contains the following:
Disclosure Events
1 Regulatory Event(s)
See FINRA Disciplinary Proceeding No. 2013038986001 Complaint
See FINRA Disciplinary Proceeding No. 2013038986001 OHO Decision
See FINRA Disciplinary Proceeding No. 2013038986001 NAC Decision
See FINRA Disciplinary Proceeding No. 2013038986001 SEC Decision
1 Employment Separation After Allegations
1 Criminal Disclosure(s)
2 Judgment(s)/Lien(s)
UPDATE 10/08/2020: According to FINRA’s March 2019 Disciplinary Actions: “Richard Allen Riemer Jr. (CRD #1721245, Clifton, New Jersey) January 2, 2019 – A Securities and Exchange Commission (SEC) decision fining Riemer $5,000 and suspending him from association with any FINRA member in all capacities for six months became final. The SEC sustained the findings and sanctions imposed by the National Adjudicatory Council (NAC). The sanctions were based on findings that Riemer willfully failed to update, and did not timely update, his Uniform Application for Securities Industry Registration or Transfer (Form U4) to disclose federal tax liens and a bankruptcy petition, and failed to disclose the liens and bankruptcy on his member firm’s annual compliance certifications. The suspension is in effect from January 7, 2019, through July 6, 2019. (FINRA Case #2013038986001 Complaint, OHO Decision, NAC Decision, and SEC Decision)
Current and Previous Registrations
01/12/2001 – 04/04/2014 EQUITY SERVICES, INC. (CRD#:265) NEW YORK, NY
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
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.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Richard Riemer 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.
