Richard Hofus (CRD #8114048) Has a Criminal Disclosure on FINRA BrokerCheck

Richard Hofus (CRD #8114048) is currently registered with Ausdal Financial Partners, Inc. and has a criminal disclosure on FINRA BrokerCheck. We reviewed his BrokerCheck report on March 25, 2026. It reflects one criminal disclosure. If you invested with Richard Hofus and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Criminal Charges

Richard Hofus’s FINRA BrokerCheck report reflects one criminal disclosure. A summary of the matter is below:

Richard Hofus FINRA BrokerCheck shows that on January 2, 2026, he was charged in Mahoning County Court No. 2 in Boardman, Ohio with one misdemeanor count of theft of service. The matter reached a final status on January 29, 2026. Richard Hofus FINRA BrokerCheck states that the charge was dismissed, no plea was entered, and $140 in restitution was paid before dismissal. His BrokerCheck statement says he attended yoga classes as a guest of a paid member and that the case was dismissed without prejudice.

Rule Summary #1: FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade)

FINRA Rule 2010 requires firms to observe high standards of commercial honor and just and equitable principles of trade. A criminal disclosure can raise concerns about conduct, judgment, and trust.

Rule Summary #2: FINRA Rule 1122 (Filing of Misleading Information as to Membership or Registration)

FINRA Rule 1122 bars incomplete or inaccurate registration filings that could mislead FINRA. That matters because criminal events and other disclosures are reported through registration records.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

1.    Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

2.    Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

3.    Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

4.    Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Richard Hofus:

Is currently registered with Ausdal Financial Partners, Inc.

Has passed the Securities Industry Essentials (SIE) exam. Richard Hofus has also passed Series 7TO and Series 66.

Was previously registered with Nylife Securities LLC.

Kurta Law Can Help

If you have worked with Richard Hofus and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Securities Attorney | What Is Securities Fraud?

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.