Richard Blosser Barred by FINRA Following Alleged Refusal to Provide Testimony

Richard Blosser (CRD #: 1676712), a broker formerly registered with Wedbush Securities, has been barred by FINRA, according to his BrokerCheck record, accessed on November 29, 2022. Keep reading to learn more about his conduct as a broker.

Bar by FINRA

On October 19, 2022, Richard Blosser consented to the entry of findings that he allegedly refused to provide on-the-record testimony requested in connection with a FINRA investigation into his trading in client accounts.

A Letter of Acceptance, Waiver & Consent (AWC), specifies that FINRA sought information concerning Richard Blosser’s alleged buying and selling of preferred stock and closed-end funds, among other products, and Wells Fargo’s supervision of his trading activities. Richard Blosser allegedly refused to appear for testimony on September 13, 2022.

The AWC concluded that this alleged refusal violated FINRA Rules 8210 and 2010.

FINRA Rules 8210 and 2010

FINRA Rule 8210 requires members to submit their books and records for inspection and to appear for testimony in connection with FINRA investigations.

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Sanctions

Richard Blosser consented to a permanent bar by FINRA starting on October 19, 2022.

You can read the full AWC here.

What are closed-end funds?

A closed-end fund is an investment company that raises money to invest in a portfolio of securities. Once the company’s initial public offering ends, no other shares are sold—making these “closed” funds. However, investors’ shares can still be diluted by preferred or secondary share offerings.

These and other risks associated with closed-end funds can make them unsuitable for some investors.

Background Information

Richard Blosser 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 3 – National Commodity Futures Examination
• Series 7 – General Securities Representative Examination

He previously worked for the following firms:

• Wedbush Securities (CRD#:877)
• Wells Fargo Clearing Services (CRD#:19616)
• UBS Financial Services (CRD#:8174)
• Morgan Stanley & Company (CRD#:8209)
• MKI Securities Corporation (CRD#:2762)

Kurta Law Can Help

If you worked with Richard Blosser and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com 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.