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Richard Baum Received a Pending Complaint for Over-Concentrating a Customers Account

Richard Baum

Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on October 13, 2017 indicate that Massachusetts-based Janney Montgomery Scott broker/adviser Richard Baum has received a pending customer dispute. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Baum (CRD# 15065).

Richard Baum has spent 45 years in the securities industry and has been registered with Janney Montgomery Scott in Boston, Massachusetts since 2014. Previous registrations include Oppenheimer & Company in Boston, Massachusetts; AdVest in Hartford, Connecticut; Lehman Brothers in New York, New York; Lehman Brothers Kuhn Loeb; Dean Witter Reynolds; and Reynolds Securities. He has passed eight securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination); Series 63 (Uniform Securities Agent State Law Examination); Series 15 (Foreign Currency Options Examination); PC (AMEX Put and Call Exam); Series 1 (Registered Representative Examination); Series 4 (Registered Options Principal Examination); Series 40 (Registered Principal Examination); and Series 12 (NYSE Branch Manager Examination). He is a registered broker and investment adviser with 29 US states and territories.

According to his BrokerCheck report, he has received one pending customer complaint.

In August 2017 a party of customers alleged Richard Baum, while employed at Oppenheimer & Company and Janney Montgomery Scott, unsuitably over-concentrated their accounts in energy stocks. The claimants are seeking $990,870 in damages in the pending complaint.

Over-concentration (or “concentration”) refers to an investment professional’s failure to diversify a customer’s portfolio among a variety of assets, for instance by investing primarily in municipal bonds in the same region. Since similar classes often perform similarly, if one bond performs poorly, the others might as well. Brokers who fail to diversify their customers’ investments may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.

If you have lost money investing with Richard Baum, call Fitapelli Kurta at 877-238-4175 without delay. You may be entitled to recoup your losses. We accept all cases on contingency: Fitapelli Kurta only gets paid if and when you collect money. Time to file your claim may be limited by law, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.

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