Richard Konopka Barred by SEC for Allegedly Acting as Unregistered Broker

Richard Konopka (CRD #: 5657843), a broker formerly registered with National Securities Corporation, allegedly acted as an unregistered broker, according to his BrokerCheck record, accessed on May 23, 2023. If you have questions about his alleged conduct as a broker, keep reading.

Bar by SEC

On March 3, 2023, the Securities and Exchange Commission filed cease-and-desist proceedings against Richard Konopka, alleging that he solicited investors on behalf of an unregistered entity.

The SEC alleged that Silver Edge Financial operates two pooled investment vehicles: the Silver Edge Pre-IPO Fund and Silver Edge Venture Fund. These funds are allegedly series LLCs created to invest in shares of private companies expected to execute initial public offerings (IPOs) or other liquidity events within 2-5 years.

Richard Konopka allegedly marketed and sold securities in the form of series interests in these funds starting in January 2019, and was compensated by Silver Edge Financial based on his success in soliciting investors.

The SEC concluded that these alleged business practices constituted operations as an unregistered broker and further alleged that Richard Konopka willfully violated Section 15(a) of the Securities Exchange Act of 1934.

Securities Exchange Act of 1934

Section 15(a) of the Securities Exchange Act of 1934 prohibits unregistered brokers and dealers from engaging in or inducing the purchase or sale of securities.

Sanctions

Starting March 3, 2023, the SEC barred Richard Konopka from associating with the following:

• Brokers
• Dealers
• Investment advisers
• Municipal securities dealers
• Municipal advisors
• Transfer agents
• Nationally recognized statistical ratings organizations (NRSROs)

Also starting from the same date, he was barred from participating in offerings of penny stocks. He has the right to reapply for association with these entities and participation in penny stocks in 2025.

The SEC also ordered Richard Konopka to cease and desist from violations of Section 15(a) of the Securities Exchange Act of 1934 and fined him $61,000.

Background Information

Richard Konopka has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• Series 7 – General Securities Representative Examination

He previously worked for National Securities Corporation (CRD#:7569) and Garden State Securities (CRD#:10083).

Kurta Law Can Help

If you worked with Richard Konopka 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.