Richard Earl Umbarger (CRD #3132496) Has Customer Dispute Disclosures on FINRA BrokerCheck

Richard Earl Umbarger (CRD #3132496) is a broker with customer dispute disclosures on FINRA BrokerCheck. We reviewed his BrokerCheck report on April 21, 2026. It reflects two customer dispute disclosures. If you invested with Richard Earl Umbarger and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Richard Umbarger’s FINRA BrokerCheck Report reflects two customer dispute disclosures. Summaries of the disputes are below:

On February 20, 2026, a customer alleged Richard Umbarger failed to meet fiduciary duties tied to account servicing and recommendations. Richard Umbarger’s FINRA BrokerCheck Report lists the product as corporate debt and the alleged damages as $186,805.40. The matter was denied on March 17, 2026.

On December 27, 2000, a customer alleged unauthorized trading involving stock purchases and sales from January through February 2000. BrokerCheck shows the product as OTC equity, the damages as unspecified, and the complaint as denied on March 5, 2001.

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 (Suitability) requires a broker to have a reasonable basis for a recommendation. Customer disputes about recommendations often raise questions about fit, risk, and the investor’s needs.

Rule Summary #2: FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade)

FINRA Rule 2010 requires firms and associated persons to observe high standards of commercial honor and just and equitable principles of trade. Disputes over account servicing or unauthorized trading can draw attention to whether that standard was met.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Richard Umbarger:

Is currently registered with Raymond James & Associates, Inc.

Has passed the Securities Industry Essentials (SIE) exam. Richard Umbarger has also passed Series 7, Series 65, and Series 63.

Was previously registered with firms that include Wells Fargo Clearing Services, LLC and Citigroup Global Markets Inc.

Kurta Law Can Help

If you have worked with Richard Umbarger and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful Resources: Securities Attorney | Unsuitable Investments

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.