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Richard Frith Has Received a Sanction by FINRA

Richard Frith

Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on April 4, 2017 indicate that Minnesota-based Larson Financial Securities broker/adviser Richard Frith II has been sanctioned by FINRA and received resolved or pending customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Frith (CRD# 5153336).

Richard Frith has spent nine years in the securities industry and has been registered with Larson Financial Securities in Minnetonka, Minnesota since 2010. Previous registrations include Financial Network Investment Corporation in Minneapolis, Minnesota (2009-2010) and Sagepoint Financial (2007-2009). He is a registered broker and investment adviser with 23 US states and territories.

According to his BrokerCheck report, Richard Frith has received one FINRA sanction, one customer complaint and one pending customer complaint.

In 2016 FINRA sanctioned him following allegations he “corresponded with customers about variable universal life insurance (VULI) policies, comparing the policies to buying term life insurance and investing the difference in a taxable brokerage account, and also sending reprints of articles about VULI policies to some of the customers,” reprints that were not approved by his member firm. FINRA’s findings continue: “Frith’s comparisons did not contain all of the required disclosures and illustrations, and his correspondence and reprints contained certain inaccurate or incomplete statements that he failed to clarify or qualify, which included the following: Frith portrayed VULI policies as investments, without fully addressing their use as insurance; Frith stated that VULI policies would permit customers to withdraw more money than taxable brokerage accounts; and Frith did not qualify certain statements in a reprint about VULI policies that were not fully balanced-for example, a statement that permanent life insurance is not ‘subject to market risk and inflation.’” He was issued a 15-day suspension and a fine of $5,000.

In 2016 a customer alleged Richard Frith, while employed at Larson Financial Securities, recommended an unsuitable product, misrepresented material facts, breached his fiduciary duty, committed fraud, acted negligently, and engaged in deceptive business practices. The customer is seeking $350,000 in damages in the pending complaint.

In 2015 a customer alleged Richard Frith, while employed at Larson Financial Securities, made material omissions and misrepresentations in connection to the sale of variable universal life insurance. The complaint settled for $14,999.

If you have lost money investing with Richard Frith, you may be entitled to recoup your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis, which means we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.

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