Investor Seeks $5 Million in Dispute with Richard Skelton

Richard Skelton (CRD #: 4782331), a broker registered with Woodbury Financial Services, allegedly ove- concentrated a client’s investment portfolio, according to his BrokerCheck record, accessed on September 5, 2022. Keep reading if you have questions about his conduct as a broker.

Investor Dispute

On June 10, 2022, an investor alleged that the investments Richard Skelton chose were unsuitable given his objectives and risk tolerance, and that the broker over-concentrated his portfolio in alternative investments. Alternative investments often come with an unsuitable level of risk. The client seeks $5 million in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to recommend securities that sufficiently suit an investor’s financial goals. Brokers must consult an investor’s profile, which includes information about their tax status, risk tolerance, and financial goals when making recommendations.

This also applies to investment strategies. Over-concentration in a particular sector or stock can be unsuitable for some investors because of the level of risk involved in this strategy.

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

Background Information

Richard Skelton has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination
• Series 6 – Investment Company Products/Variable Contracts Representative Examination

Richard Skelton is a registered broker in 17 states and a registered investment adviser in California.

Kurta Law Can Help

If you worked with Richard Skelton 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.