Victim of Financial Fraud? Call Now
Home » Broker Blog » Richard Maas Allegedly Made Unsuitable Investment Recommendation

Richard Maas Allegedly Made Unsuitable Investment Recommendation

Richard Maas (CRD #: 3198288), a broker registered with LPL Financial, allegedly recommended an unsuitable investment, according to his BrokerCheck record, accessed on August 19, 2022. If you want to know more about Richard Maas’ conduct as a broker, keep reading.

Investor Dispute

In a dispute filed on May 13, 2022, an investor alleged that Richard Maas recommended an unsuitable investment for the purpose of generating fees and commissions and that they were overconcentrated in this investment. This dispute is currently pending.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. These profiles describe investors’ characteristics, such as their tax status, risk tolerance, and investment goals.

Investment strategies are also required to be suitable for a client. For example, overconcentration in a particular stock or sector can be unsuitable for investors because it comes with a degree of risk that may exceed investors’ risk tolerance.

Investors who rely on brokers for recommendations may be able to recover their losses by seeking out FINRA arbitration.

Background Information

Richard Maas 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 7 – General Securities Representative Examination

Richard Maas is a registered broker in ten states and a registered investment adviser in Michigan.

He has also worked for the following firms:

  • Cambridge Investment Research Advisors (CRD#:134139)
  • Cambridge Investment Research (CRD#:39543)
  • Commonwealth Financial Network (CRD#:8032)
  • Sky Investments (CRD#:2864)
  • Securities America (CRD#:10205)

Kurta Law Can Help

If you worked with Richard Maas 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 the firm only earns a fee if our securities attorneys recover money on your behalf. 

 

Recent Results

$16.75M

Million

Recovery for ARC NYC REIT Investors
Learn More
Kurta Law recovered millions of dollars for investors who purchased the speculative and unsuitable ARC NYC REIT. The arbitration settled for substantially more than the investor losses.

Recent Results

$9.3M

Million

Investors Receive Award for More than their Losses
Learn More
Jonathan Kurta was able to recover over $9.3 million for a group of defrauded investors. The claims were based upon the brokerage firm’s failure to supervise a stockbroker who stole client funds and then prepared and disseminated fake account statements for decades.

Recent Results

$7.1M

Million

Elderly Victims Recover After a Decade of Fraud
Learn More
Jonathan Kurta represented a group of elderly women who were the victims of a financial crime perpetrated by a rogue broker. The broker utilized forged documents to steal funds from the clients’ accounts over a decade.

Recent Results

$4.2M

Million

Investor vs. Royal Alliance
Learn More
Jonathan Kurta represented an investor who alleged that Royal Alliance Associates had not fulfilled their supervisory duties. This allegedly allowed brokers to engage in conversion and RICO violations. Read a copy of the award here.

Recent Results

$1M

Million

Utah Firm Executed Unnecessary Transaction
Learn More
A FINRA panel sided with Kurta Law and found that a Utah brokerage firm executed unnecessary transactions in order to generate more commissions. Read a copy of the award here.

Recent Results

$2M

Million

Arizona Investors Options Trading Scam
Learn More
Kurta Law negotiated a $2 million settlement on behalf of Arizona investors who were defrauded in an options trading scam.

Categories