Leonard Rich Subject of Excessive Trading Allegations

Leonard Rich (CRD #: 375427), a broker registered with Joseph Gunnar, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on February 28, 2024. Keep reading if you have questions regarding his conduct. 

Investor Disputes

On November 21, 2023, an investor alleged that Leonard Rich completed an investor’s account opening forms and inputted incorrect investment objectives and risk tolerances. The investor further alleges that Leonard Rick engaged in excessive trading and the firm ignored red flags in regard to these issues. The investor is seeking $114,500. 

High Standards of Commercial Honor 

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Completing account opening forms with inaccurate information and ignoring red flags violates this rule. 

Excessive Trading

FINRA Rule 2111, a.k.a. The Suitability Rule, requires brokers to tailor their investment recommendations to suit investors’ needs. Trades must be quantitatively suitable, meaning the number of trades must suit an investor’s needs. Each trade comes with a transaction fee, so too many transactions will result in excessive fees for the investor. Excessive trading is also known as “churning.” 

Background Information 

Leonard Rich has passed the following exams: 

• Series 63 Uniform Securities Agent State Law Examination 
• Series 7TO General Securities Representative Examination 
• SIE – Securities Industry Essentials Examination 
• Series 5 Interest Rates Options Examination 
• Series 1 Registered Representative Examination 
• Series 8 General Securities Sales Supervisor Examination (Options Module & General Module) 

Kurta Law Can Help 

If you have worked with Leonard Rich and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.