The Securities and Exchange Commission (SEC) recently alleged that Howard D. Richards engaged in market manipulation of the price of Gatekeeper USA Inc. (GTKP:US) stock. Gatekeeper is a startup company that marketed a container monitoring device used for cargo companies. The SEC alleged that Richards held many shares of that stock and had his advisory clients purchase the stock at inflated prices when the stock fell below certain levels. His clients allegedly bought shares at higher levels than others. This is against rules and regulations.
Richards was registered with IDS Life Insurance Company in Minneapolis, Minnesota from November 1991 until November 1995, American Express Financial Advisors in Minneapolis from November 1991 until November 1995, Royal Alliance Associates in New York, New York from November 1995 until March 2001, Cambridge Investment Research in Plymouth, Minnesota from March 2001 until December 2013 and NFP Advisor Services in Plymouth from January 2014 until June 2015. According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report, the SEC permanently barred him from acting as a broker or investment advisor.
If you invested money with Richards, please call our securities law firm in Chicago at 312-332-4200 to speak to an attorney for free. His former firm, Cambridge Investment Services, may be liable for investment losses because of their inability to reasonably supervise him while he was employed there. We sue firms such as Cambridge in the FINRA arbitration forum. We take cases on a contingency fee basis only.
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