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Broker Richard Lewis Suspended for Complaints of Unauthorized Trading

Richard LewisThe investment fraud attorneys at Fitapelli Kurta are investigating claims involving Richard Lewis.   He is also known as Rick Lewis.  Richard, or Rick, Lewis is currently employed with J.W. Cole Financial, Inc. but was previously employed with LPL Financial LLC from December 2010 until April 2013 and with Wedbush Securities Inc. from July 2005 until December 2010.

Recently, Richard, or Rick, Lewis consented to findings that, during the period April 2012 to February 2013, he had improperly exercised discretion in a client’s account without obtaining prior written authorization from the customer.   FINRA found that during this period, Mr. Lewis executed approximately 81 discretionary transactions in his client’s account without obtaining written authorization.  Exercising discretion in client accounts is a violation of NASD Conduct Rule 2510(b) and FINRA Rule 2010.  Based upon these findings, Mr. Lewis was suspended from associating with any FINRA member for twenty (20) business days and was fined $5,000.00.

In addition, Rick Lewis’ FINRA BrokerCheck Report indicates that at least one customer imitated a complaint against him.  This claim was eventually settled. Rick.Lewis was also discharged from LPL Financial LLC based upon allegations that he was unprofessional with customers, excessively traded customer accounts for fees, and placed unauthorized trades in customer accounts.  Richard Lewis is currently registered with J.W. Cole Financial, Inc.

If you or someone you know has invested with Richard, or Rick,  Lewis, J.W. Cole Financial, Inc., LPL Financial LLC or Wedbush Securities Inc. and suspect that there was wrongdoing in your account, please contact the attorneys at Fitapelli Kurta today.  We are investor advocates and securities fraud attorneys who practice nationwide and offer free consultations.  Please contact us today.

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