Investors Allege Richard DePalma Misrepresented Speculative Investments
Richard DePalma (CRD #: 4517536), a broker registered with Centaurus Financial, allegedly made misrepresentations, according to his BrokerCheck record, accessed on June 29, 2023. Investors may have also engaged his services through DePalma Investment Group Corporation. Keep reading if you have questions about his alleged conduct as a broker.
Investor Dispute
On April 3, 2023, multiple investors alleged that Richard DePalma made misrepresentations and unsuitable recommendations of speculative, high-risk, and illiquid investments in March and May 2020. This dispute is currently pending.
FINRA Rule 2111
FINRA Rule 2111 requires brokers to take investors’ profiles into account when recommending investments. These profiles describe investor characteristics, such as their age, risk tolerance, and financial goals.
Investors who rely on their broker for recommendations may be able to recoup their losses through FINRA arbitration.
FINRA Rule 2020
FINRA Rule 2020 prohibits the use of deception, manipulation, and other fraudulent tactics to influence investors’ decisions. Misrepresenting an investment’s requirements, risks, potential returns, or other relevant information violates this rule.
Background Information
Richard DePalma 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 62 – Corporate Securities Limited Representative Examination
- Series 6 – Investment Company Products/Variable Contracts Representative Examination
- Series 26 – Investment Company Products/Variable Contracts Principal Examination
Richard DePalma is a registered broker in Arizona, California, Idaho, Iowa, and Pennsylvania. He is also a registered investment adviser in eight states.
He has also worked for Transamerica Financial Advisors (CRD#:3600) and American General Securities (CRD#:13626).
Kurta Law Can Help
If you worked with Richard DePalma 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.