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Richard Pascale Allegedly Recommended an Unsuitable Alternative Investment

Richard Pascale (CRD #: 3221955), a broker registered with Lifemark Securities Corp., is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on June 26, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Allegations 

On April 2, 2024, an investor alleged that Richard Pascale recommended an alternative product that was intended to be a small component of a larger diversified portfolio. The issuer allegedly filed for Chapter 11 bankruptcy. The investor alleged that Richard Pascale engaged in negligence and failed to uphold his Regulation Best Interest obligation. 

The investor is seeking $340,000. 

Fiduciary Duties

A fiduciary duty is a duty to work in a client’s best interest. Brokers are not fiduciaries, but they must follow the rules set forth by FINRA Rule 2111 and Regulation Best Interest. Registered Investment Advisers (RIAs) are fiduciaries, and brokers are often dually registered as RIAs.  (To learn more about the differences between brokers and Registered Investment Advisers, click here.) 

Negligence

Many types of broker misconduct may qualify as negligence. Typical examples include unsuitable investment recommendations, misrepresentations or omissions of material fact, and failure to follow instructions.

Investors who believe their losses are the result of broker negligence may be able to recover their funds through FINRA arbitration.

Background Information 

Richard Pascale has passed the following exams: 

  • Series 65 Uniform Investment Adviser Law Examination 
  • Series 63 Uniform Securities Agent State Law Examination 
  • Series 99TO Operations Professional Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 7 General Securities Representative Examination 
  • Series 6 Investment Company Products / Variable Contracts Representative Examination 
  • Series 24 General Securities Representative Examination 

He is a registered broker in seven states and D.C. He is a registered investment adviser in New York and Oregon. 

During his 25 years of experience, Richard Pascale has registered with five firms: 

  • Lifemark Securities Corp. (CRD #: 16204) 
  • Hornor Townsend & Kent (CRD #: 4031) 
  • 1717 Capital Management Company (CRD #: 4082) 
  • AXA Advisors (CRD #: 6627) 
  • The Equitable Life Assurance Society of the United States (CRD #: 4039) 

Kurta Law Can Help 

If you have worked with Richard Pascale and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that 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. Do not let securities fraud go unchecked. Start your recovery process today.