{"id":1508,"date":"2014-08-29T20:42:51","date_gmt":"2014-08-29T20:42:51","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/08\/former_lpl_financial_broker_mu"},"modified":"2022-03-11T13:24:16","modified_gmt":"2022-03-11T19:24:16","slug":"former-lpl-financial-broker-mu","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/former-lpl-financial-broker-mu\/","title":{"rendered":"Former LPL Financial Broker Must Pay Almost $2 Million For Bilking Clients, Including Elderly Investors"},"content":{"rendered":"

\t\t\t\tBlake B. Richards, an ex-LPL Financial (LPLA) broker, must pay close to $2 million in penalties and disgorgement over allegations that he defrauded clients of close to $1.7 million. According to the case, submitted in the U.S. District Court of the Northern District of Georgia, Richards told at least seven clients to write checks to entities under his control. The clients thought that the money would be invested in variable annuities, fixed-income investments, or equities. Instead, contends the U.S. Securities and Exchange Commission, the funds were used to pay for his personal spending. <\/p>\n

According to the SEC, most of the investors’ money came from life insurance proceeds or retirement savings. Two of the investors involved were widowed and at least two others were elderly customers. <\/p>\n

Per the regulator’s complaint, Richards won one investor’s trust by delivering pain meds to her husband during a snowstorm. The spouse was suffering from terminal pancreatic cancer at the time. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Blake B. Richards, an ex-LPL Financial (LPLA) broker, must pay close to $2 million in penalties and disgorgement over allegations that he defrauded clients of close to $1.7 million. According to the case, submitted in the U.S. District Court of the Northern District of Georgia, Richards told at least seven clients to write checks to […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3877,3803],"tags":[],"class_list":["post-1508","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-lpl-financial","category-senior-investors"],"yoast_head":"\nFormer LPL Financial Broker Must Pay Almost $2 Million For Bilking Clients, Including Elderly Investors — Investor Lawyers Blog — August 29, 2014<\/title>\n<meta name=\"description\" content=\"Blake B. 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