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Broker Richard Lewis Suspended for Unauthorized Trading

Richard LewisFitapelli Kurta is investigating customer complaints against stock broker Richard Lewis.  Mr. Lewis is currently registered with J.W. Cole Financial in Henderson, Nevada.  He was previously associated with LPL Financial and Wedbush Securities.

On July 16, 2014, Richard Lewis and the Financial Industry Regulatory Authority entered into a letter of acceptance, waiver and consent, or AWC, which resolved a regulatory proceeding against Mr. Lewis.   According to the AWC, from April 2012 to February 2013, while registered with LPL Financial, Richard Lewis effectuated 81 unauthorized transactions in a customer’s account.  This activity constituted a violation of FINRA Rule 2010.  In connection with the AWC, Richard Lewis was fined $5,000 and suspended by FINRA for 20 days.

Richard Lewis was discharged by LPL Financial in March 2013.  According to LPL Financial, Mr. Lewis was discharged for unprofessional communications, excessive trading and fees and unauthorized trading. In addition to the July 2014 complaint against Richard Lewis, he has one disclosed customer complaint in 2013.  This complaint alleged fraud, unjust enrichment and conversion according to FINRA.

What is unauthorized trading?

Unauthorized trading involves the sale or purchase of securities in a customer’s account without their consent and permission. Not all unauthorized trading is as simple or underhanded as one may think.  For example, a broker may believe a transaction is in an investor’s best interest, but cannot or does not contact the investor, and makes the trade anyway. Following such activity it is common for a broker to attempt to convince an investor of the benefits to the transactions in the hopes that the investor “ratifies” unauthorized trades after they were made.

Who are we?

Fitapelli Kurta is a New York City based law firm specializing in securities arbitration.  We exclusively represent investors who have lost money in the stock market through broker misconduct.  We work on contingency and have recovered millions on behalf of investors against brokers like Richard Lewis.  If you or someone you know lost money investing with Richard Lewis, contact us today for a free confidential consultation.  Do not delay.

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