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Richard Beckert is the Subject of a Dispute Concerning Broker Fees

Aug 14, 2023 Unsuitable Investments

Richard Beckert (CRD #: 1689385), a broker registered with Merrill Lynch, Pierce, Fenner & Smith, is facing an investor dispute. This disclosure appears in his BrokerCheck record, accessed on August 11, 2023. Keep reading to learn more about this broker’s alleged conduct. 

On July 3, 2023, an investor alleged that Richard Beckert did not act in his customer’s best interest regarding fees and commissions charged in March 2022. 

FINRA Rule 2111 – Excessive Fees 

FINRA Rule 2111 requires brokers to recommend investments that suit their investor’s needs. They must take several factors into consideration, including their age, risk tolerance, and financial goals. Investments may also be unsuitable because they come with excessive fees, thus negating any benefit to the investor. 

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Violations of FINRA Rule 2111 may also violate FINRA Rule 2010. 

Background Information 

Richard Beckert has passed the following exams: 

  • 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 

He is a registered broker in 16 states and is a registered investment adviser in Ohio and Texas. 

Richard Beckert has registered with the following firms: 

  • Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691) 
  • UBS Financial Services (CRD #: 8174) 

Kurta Law Can Help

If you worked with Richard Beckert and you have concerns about your investments, please contact us today at 877-600-0098 or for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and 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.