Stoltmann Law Offices is investigating Richard Cody, a former broker with Westminster Financial Securities. Cody has been accused by the Securities and Exchange Commission (SEC) of masterminding a scheme in order to defraud investors. At least three clients were allegedly told by Cody that their accounts were doing well, when, in fact, their accounts had balances that were nearly zero dollars. Clients were also lied to about their depleting retirement accounts through monthly deductions that were unsustainable. In 2013, Cody was suspended from the securities industry by the Financial Industry Regulatory Authority (FINRA) from January of that year until January of 2014 for allegedly sending clients inflated account statements while he was registered at Westminster and at Concorde Investment Services. While he was suspended, he allowed his wife Jill to manage the accounts. Jill was also registered with Westminster and Concorde and this also violates securities laws. Richard Cody was also accused of selling away and forgery. Selling away is when a broker sells notes or other investments that are not held or offered by his firm. He does this in order to generate large commission for himself, which he does not have to share with his brokerage firm. His firm may be liable for investment losses if they allow the broker to sell away from the firm.
Richard Grant Cody was previously registered with Merrill Lynch, Salomon Smith Barney, Leerink Swann & Company, Gunnallen Financial, Westminster Financial Securities in Providence, Rhode Island from March 2010 until March 2013, Concorde Investment Services in Spring Lake, New Jersey from March 2014 until August 2016 and IFS Securities in Spring Lake from August 2016 until September 2016. He has 17 customer disputes against him, 14 of which are currently pending. He is not currently registered within the industry, according to public records online. If you suffered losses with Mr. Cody and would like a free consultation with one of our Chicago-based securities attorneys, please call our firm at 312-332-4200 today. There is no obligation and attorneys are standing by. We may be able to help you bring a claim against Westminster or Concorde Investment Services on a contingency fee basis to help you recover your losses.
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