Richard Langer Suspended by FINRA
Richard Langer (CRD #: 2457028), a broker registered with Planner Securities, was recently suspended by FINRA, according to his BrokerCheck record, accessed on February 2, 2023. If you have questions about his alleged conduct as a broker, read on.
FINRA Suspension
On December 1, 2022, Richard Langer consented to the entry of findings that he allegedly authored 22 Facebook posts between January 2016 and November 2019 that did not comply with FINRA rules concerning communications with the public.
According to a Letter of Acceptance, Waiver & Consent (AWC), Richard Langer allegedly maintained a public Facebook page for an investment club he operated during this period. He allegedly authored 20 posts to this page related to the performance, returns, and industry standing of this club. Nine of these posts allegedly concerned options, a topic he allegedly authored another two posts on.
The AWC alleges that these posts failed to explain the risks associated with the investment club, hedge funds, and options. His posts concerning options also allegedly failed to warn that options are not suitable for all investors, as required by FINRA Rule 2220(d)(2)(A).
Options-related posts allegedly also described specific transactions or the performance of certain options prior to the delivery of an options disclosure document, in violation of FINRA Rule 2220(d)(1)(A).
Richard Langer allegedly did not obtain prior approval for any of his options-related posts from a Registered Options Principal, as required by 2220(b)(1), or submit the posts to FINRA’s Advertising Regulation Department at least 10 days before their publication, as required by FINRA Rule 2220(c)(1).
The AWC concluded that these allegations constituted violations of FINRA Rules 2210, 2220, and 2010.
FINRA Rule 2210
FINRA Rule 2210 describes how firms and brokers can communicate with the public (e.g., in advertising). This rule requires all communications with the public to be fair, balanced, and free from false or misleading statements.
FINRA Rule 2220
FINRA Rule 2220 governs how brokers and firms can communicate with the public about options:
- 2220(b)(1) – All retail communications issued by a broker or firm must be approved in advance by a Registered Options Principal.
- 2220(c)(1) – Communications about standardized options must be submitted to FINRA’s Advertising Regulation Department at least 10 days before their use.
- 2220(d)(1)(A) – Limits how FINRA members can communicate about options before the delivery of an options disclosure document.
- 2220(d)(2)(A) – Prohibits the making of untrue statements and promises and omissions of information. It also requires a warning that options are not suitable for all investors.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Sanctions
Richard Langer consented to the following sanctions:
- $5,000 fine
- 10 business-day suspension
His suspension ran from January 3 to January 17, 2023.
You can read a copy of the AWC here.
Background Information
Richard Langer has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- Series 72 – Government Securities Representative Examination
- Series 22TO – Direct Participation Programs Representative Examination
- Series 42 – Registered Options Representative Examination
- Series 99TO – Operations Professional Examination
- Series 62 – Corporate Securities Limited Representative Examination
- Series 52TO – Municipal Securities Representative Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
Richard Langer is a registered broker in 26 states and the District of Columbia.
He has also worked for the following firms:
- Track Data Securities Corporation (CRD#:103802)
- NobleTrading.Com (CRD#:119024)
- Parker Financial (CRD#:42140)
- Great Eastern Securities (CRD#:2061)
- A.B. Watley (CRD#:797)
- On-Site Trading (CRD#:30271)
- Prestige Status (CRD#:30407)
- Prime Capital Services (CRD#:18334)
- Royal Alliance Associates (CRD#:23131)
- Stuart, Coleman & Company (CRD#:8642)
- Renaissance Financial Securities (CRD#:10735)
- Lew Lieberbaum & Company (CRD#:17341)
- Marlowe & Company (CRD#:35733)
- Russo Securities (CRD#:14425)
Kurta Law Can Help
If you worked with Richard Langer 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.
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