Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on December 26, 2016 indicate that former New Jersey-based IFS Securities broker Richard Cody has been named in a pending Securities and Exchange Commission complaint. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Cody (CRD# 2794558).
Richard Cody has spent eighteen years in the securities industry and was most recently registered with IFS Securities in Spring Lake, New Jersey (2016). Previous registrations include Concorde Investment Services in Spring Lake, New Jersey; Westminster Financial Services in Providence, Rhode Island; Gunnallen Financial in Boston, Massachusetts; Leerink Swann & Company in Boston, Massachusetts; Salomon Smith Barney in New York, New York; and Merrill Lynch in New York, New York. He is currently not registered with any state or firm.
According to his BrokerCheck report, Richard Cody has received three customer complaints, five pending customer complaints, and one pending civil complaint.
In December 2016 the Securities and Exchange Commission named Richard Cody respondent in a complaint alleging he defrauded retired clients. According to the complaint, Mr. Cody “defrauded at least three of his clients for years by concealing the fact that their retirement accounts had suffered extensive losses and that the monthly payments they were receiving were exhausting their retirement savings.” The complaint alleges more specifically: “Cody concealed their substantial losses by making materially misleading statements, leading the clients to believe that their investments were maintaining steady value and that their monthly withdrawals were being financed by investment gains. All the while, Cody concealed the material fact that the clients’ account values were actually being rapidly depleted. By mid-2014, two of these clients’ accounts had essentially run out of funds. To prevent his clients from detecting his longstanding fraud, Cody continued his scheme by engaging in various deceptive acts aimed at concealing from the clients that their money was gone.” The complaint remains pending.
In November 2016 a customer alleged Richard Cody, while employed at Concorde Investment Services and IFS Securities, made unauthorized wire transfers. The customer is seeking $545,000 in damages in the pending complaint.
In November 2016 a customer alleged Richard Cody, while employed at Concorde Investment Services and Westminster Financial Securities, misappropriated funds. The customer is seeking unspecified damages in the pending complaint.
In 2015 a customer alleged Richard Cody, while employed at Concorde Investment Services, received and passed on inaccurate information. The customer is seeking $160,000 in damages in the pending complaint
In 2005 a customer alleged he, while employed at Leerink Swann & Company, made an unsuitable investment recommendation. The complaint settled for $20,000.
In 2005 a customer alleged he, while employed at Leerink Swann & Company, recommended an unsuitable product. The complaint settled for $56,000.
If you or someone you know has a complaint regarding Richard Cody, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup lost funds. Fitapelli Kurta accepts every case on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.