Ronald Richer (CRD#: 2988381), a registered representative with Garden State Securities, Inc. (CRD#: 10083) in Red Bank, New Jersey, is currently the subject of a regulatory sanction by Michigan securities regulators, according to his BrokerCheck record accessed on April 21, 2020.
On March 31, 2020, the Michigan Securities Administrator announced their intent to “revoke, suspend, condition or limit the securities agent registration of Ronald Richer.” Why? The securities regulator states that he cannot pay his obligations. This may relate to his June 6, 2019 tax lien in the amount of $12,423.83.
This recent action by the State of Michigan is far from the only disclosure on Ronald Richer’s BrokerCheck record. His report also lists three settled customer disputes (including one arbitration that Ronald Richer lost), as well as a regulatory action from the State of Wisconsin. What other disclosures are on Ronald Richer’s BrokerCheck?
Ronald Richer’s recent regulatory action from Michigan is not the only time he has found himself in hot water with state securities regulators. On June 13, 2005, Wisconsin securities regulators denied him securities registration after he failed to complete an application.
What about customer complaints? On July 26, 2012, a client alleged that Ronald Richer made unsuitable investment recommendations from June 25, 2012 through July 13, 2012. The client sought $28,000 in damages; the matter later settled.
On June 10, 2016, a client alleged that Ronald Richer engaged in unauthorized trading on December 16, 2015, acted negligently, and engaged in failure to supervise. The customer sought $150,000 in damages; the matter later settled for $30,000.
On March 28, 2018, a client alleged that Ronald Richer made unsuitable investments and breached his fiduciary duty from December 2014 to December 2015. The client originally requested $26,473 in damages. The case went to arbitration and Ronald Richer lost the arbitration. The client was awarded $16,300. A copy of the arbitration award can be viewed here.
Over his 22-year career in the securities industry, Ronald Richer has worked for seven brokerage firms, two of which have been expelled by the Financial Industry Regulatory Authority (FINRA). In addition to Garden State Securities, Inc. (CRD#: 10083), he has also worked for the following firms:
- Global Arena Capital Corp. (CRD#: 16871) — expelled by FINRA on January 4, 2016
- Clark Dodge & Co., Inc. (CRD#: 23288)
- Westrock Advisors, Inc. (CRD#: 114338) — expelled by FINRA on January 18, 2011
- Investprivate, Inc. (CRD#: 103737)
- Berry-Shino Securities, Inc. (CRD#: 38098)
- Solid ISG Capital Markets LLC (CRD#: 39375)
Ronald Richer is licensed to sell securities in Alabama, Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Minnesota, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Texas, Vermont, Virginia, Washington, West Virginia, and Wyoming. He has passed the Series 65 – Uniform Investment Adviser Law Examination, Series 63 – Uniform Securities Agent State Law Examination, SIE – Securities Industry Essentials Examination, Series 7 – General Securities Representative Examination, Series 24 – General Securities Principal Examination, and Series 4 – Registered Options Principal Examination.
If Ronald Richer was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta to learn about your options for recovery. Call (877) 238-4175 or email firstname.lastname@example.org for your free case consultation.