Rick Diamond Involved in a $25 Million Dispute with an Institutional Investor

Rick Diamond (CRD #: 1602991), a broker registered with Fidelity Brokerage Services, is the subject of a multi-million dollar investor dispute. This disclosure appears on his BrokerCheck record, accessed on November 2, 2023. Keep reading if you have questions about this dispute. 

On August 21, 2023, an institutional investor alleged that Rick Diamond recommended unsuitable fixed-income mutual funds. The mutual funds were allegedly unsuitable because they came with a risk of principal loss. 

FINRA Rule 2111 – Unsuitable Investments 

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s risk tolerance, tax status, and financial goals. Investments that do not take these factors into account may be unsuitable. Mutual funds that risk losing the principal investment are too risky for many institutional investors. 

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Violations of FINRA Rule 2111 also violate this rule. 

Previous Investor Dispute 

There is a previous investor dispute on Eric Diamond’s BrokerCheck profile that alleges an unsuitable investment recommendation. 

Background Information 

Rick Diamond 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 

He is a registered broker in 50 states and D.C. He is also a registered investment adviser in Florida and Texas. 

Rick Diamond has registered with six firms: 

• Fidelity Brokerage Services (CRD #: 7784) 
• Fidelity Personal and Workplace Advisors (CRD #: 288590) 
• Strategic Advisers (CRD #: 104555)
• Dreyfus Service Corporation (CRD #: 231)
• Prudential Securities (CRD #: 7471) 
• Lehman Brothers (CRD #: 7506) 

Kurta Law Can Help

If you worked with Rick Diamond and 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 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.