Advocating for Investors Against Richard Benn McFarland Jr.
Investors may have suffered investment losses due to the actions of securities broker Richard Benn McFarland Jr and the law firm of Meyer Wilson has launched their own internal investigation into these allegations.
According to records from the Financial Industry Regulatory Authority (FINRA), McFarland was associated with Independent Financial Group LLC from July 15, 2022, to January 3, 2023, and with NPB Financial Group LLC from May 17, 2006, to July 15, 2022. Disclosures within his record reveal concerning allegations against McFarland that investors with him should be made aware of.
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Securities Fraud Allegations: Independent Financial Group LLC Client Alleges Misrepresentation
In Arbitration hearings No. 23-01911, a client of Independent Financial Group LLC claimed that Richard McFarland Jr. recommended investments heavily concentrated in low-quality, speculative, illiquid, and high-commission non-traded REITs (real estate investment trusts) and BDCs (business development companies). On February 22, 2024, Independent Financial Group LLC settled this matter by compensating the client $68,899 despite initially asking for $1.5 million.
A client of NPB Financial Group LLC filed a complaint on March 9, 2009, alleging broker misconduct by McFarland in his sales practices. The client claimed to have suffered damages and sought $200,000 in compensation from NPB Financial Group LLC or McFarland. However, the client ultimately closed the dispute without further action.
In NASD Arbitration No. 96-01109, a Penn Mutual Equity Services client accused Richard McFarland of misrepresenting material facts, failing to supervise, breaching his fiduciary duty, and negligence. Penn Mutual Equity Services settled this matter on August 23, 1997, for $44,000.
Resolving Investment Disputes Through Arbitration
The Financial Industry Regulatory Authority (FINRA) and the National Association of Securities Dealers (NASD) provide a valuable service to investors by offering arbitration as a means to resolve disputes with their financial advisors and brokers. Arbitration is a form of alternative dispute resolution that allows parties to present their case before a neutral third-party arbitrator or panel of arbitrators, rather than going through the traditional court system.
Enforcing Arbitration Awards
Arbitration awards are legally binding and enforceable in court, just like a court judgment. If a party fails to comply with the terms of an award, the other party can seek judicial intervention to enforce the award.
By offering arbitration as a forum for resolving investment disputes, FINRA and NASD provide investors with a valuable alternative to traditional litigation, helping to promote fairness and accountability in the financial industry. With the help of a qualified lawyer, you can fight for justice for your retirement savings.
Watch this video from securities fraud attorney Courtney Werning to learn more about FINRA Arbitration.
Our lawyers are nationwide leaders in investment fraud cases.
Negligence Claims Against McFarland at NPB Financial Group LLC
If you experienced losses due to the actions of securities broker Richard McFarland, Meyer Wilson is here to help. Contact us at 866-938-2021 or investorclaims.com to speak with an experienced securities fraud attorney about potential recovery options. Meyer Wilson works on a contingency fee basis, advancing all costs, and has successfully recovered losses for investors nationwide.
Written By: Courtney Werning, Esq.
Recovering Losses Caused by Investment Misconduct.