{"id":4861,"date":"2018-02-15T18:49:07","date_gmt":"2018-02-16T00:49:07","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4861"},"modified":"2022-04-03T16:02:48","modified_gmt":"2022-04-03T21:02:48","slug":"massachusetts-securities-regulator-charges-investment-advisor-defrauding-investors-including-seniors-26-year-long-real-estate-scam","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/massachusetts-securities-regulator-charges-investment-advisor-defrauding-investors-including-seniors-26-year-long-real-estate-scam\/","title":{"rendered":"Massachusetts Securities Regulator Charges Investment Advisor with Defrauding Investors, including Seniors, in 26-Year-Long $1M Real Estate Scam"},"content":{"rendered":"<p>Massachusetts Secretary of the Commonwealth William Galvin has filed charges against investment adviser Thomas Riquier for allegedly defrauding investors of at least $1M in a real estate scam that has gone on for more than a quarter of a century. According to the administrative complaint, Riquier solicited funds from people, mostly older investors (some of them his firm\u2019s clients), to buy property that was then to be sold at a profit. His employer, United Planners Financial Services of America, is charged with <a href=\"https:\/\/www.investorlawyers.com\/failure-to-supervise.html\">failure to supervise<\/a>.<\/p>\n<p>In its <a href=\"https:\/\/www.stockbroker-fraud.com\" target=\"_blank\" rel=\"noopener noreferrer\">investment adviser fraud case<\/a>, the regulator claims that investors\u2019 money was used instead to buy property already belonging to Riquier. The property has yet to be improved or sold. It has not rendered any returns for investors. The state regulator notes that because the alleged scam has been going on for so long\u201426 years\u2014a number of investors have passed away. The rest of them have yet to make money from the venture.<\/p>\n<p>Riquier is also accused of soliciting over $830K in private loans from clients. Galvin said that this violates federal and state laws.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/massachusetts-securities-regulator-charges-investment-advisor-defrauding-investors-including-seniors-26-year-long-real-estate-scam\/#more-4861\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Massachusetts Secretary of the Commonwealth William Galvin has filed charges against investment adviser Thomas Riquier for allegedly defrauding investors of at least $1M in a real estate scam that has gone on for more than a quarter of a century. According to the administrative complaint, Riquier solicited funds from people, mostly older investors (some of [&hellip;]<\/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":[3781,3738,3803],"tags":[2968,2969],"class_list":["post-4861","post","type-post","status-publish","format-standard","hentry","category-investment-advisers","category-investor-fraud","category-senior-investors","tag-defrauding","tag-real-estate-scam"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Massachusetts Securities Regulator Charges Investment Advisor with Defrauding Investors, including Seniors, in 26-Year-Long $1M Real Estate Scam | SSEK Law Firm Blog<\/title>\n<meta name=\"description\" content=\"Massachusetts Secretary of the Commonwealth William Galvin has filed charges against investment adviser Thomas Riquier for allegedly defrauding investors of at least $1M in a real estate scam that has gone on for more than a quarter of a century.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/massachusetts-securities-regulator-charges-investment-advisor-defrauding-investors-including-seniors-26-year-long-real-estate-scam\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Massachusetts Securities Regulator Charges Investment Advisor with Defrauding Investors, including Seniors, in 26-Year-Long $1M Real Estate Scam | SSEK Law Firm Blog\" \/>\n<meta name=\"twitter:description\" content=\"Massachusetts Secretary of the Commonwealth William Galvin has filed charges against investment adviser Thomas Riquier for allegedly defrauding investors of at least $1M in a real estate scam that has gone on for more than a quarter of a century.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; 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