R.F. Lafferty & Co. Broker Accused of Wrongdoing
Registered broker Richard John Belz has been accused of wrongdoing. According to multiple customer disputes, allegations by investors include that Belz was churning investments, making unsuitable recommendations, making material misrepresentations, and more. Over half a million dollars has been requested in damages by aggrieved investors.
At Meyer Wilson, we represent individuals who have suffered financial losses related to financial professional misconduct. If you or a loved one has suffered investment losses due to a broker’s negligence, fraud, or wrongdoing, contact our office at (614) 532-4576 to schedule a free consultation.
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Customer Disputes Filed Against Broker Richard Belz
Pursuant to Richard Belz’s BrokerCheck report, the R.F. Lafferty & Co. broker has eight settled customer disputes filed against him. The customer disputes date back to 1997 when he was a registered broker at Institutional Equity Corporation, a firm that has since been expelled by the Financial Industry Regulatory Authority (FINRA). At the time, the broker was accused of breach of contract, churning, and making unsuitable investments.
Since then, Belz has been accused multiple times of investment fraud or misconduct. In 2005, while a registered broker at Basic Investors Inc., it was alleged that he made investments that were not suitable for the customer’s portfolio resulting in substantial losses.
Most recently, it has been alleged by a client that Belz’s recommendation and sale of GWG Holdings L Bonds was unsuitable and that he made material misrepresentations when presenting information to the customer. The customer requested damages in the amount of $90,000, the dispute was ultimately settled.
Regulatory Findings Against Richard Belz
In addition to the multitude of customer disputes, FINRA issued a sanction against Belz. The sanction and civil penalty were related to a violation of National Association of Securities Dealers (NASD) Rule 2110. Belz allegedly “failed to maintain the required net capital while conducting a securities business.” He was also accused of preparing and maintaining inaccurate financial documents.
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What You Should Do If You Suspect Broker Misconduct
If you suspect fraud or misconduct by your broker or financial advisor, you need to speak with an attorney. An attorney can help you understand your rights and help you recover your losses through arbitration or litigation. It is important to act quickly as you may only have a limited amount of time to file a claim for damages.
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Did You Invest with Richard Belz?
If you invested with Richard Belz and sustained losses, contact our office at (614) 532-4576 to schedule a free, no-obligation consultation. Richard Belz remains a registered broker with R.F. Lafferty & Co. He has worked at several other firms including Westpark Central, Regal Securities, and Newport Coast Securities (which was expelled by FINRA).
Do not wait – Let our experienced legal team help you get the recovery you deserve. Cases are handled on a contingency fee basis, meaning there are no fees unless we win. Call now to get started.
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