Recently, the Financial Industry Regulatory Authority (FINRA) alleged that Richard Martin used unsuitable trading of non-traditional exchange-traded funds (ETFs) which were comprised of inverse or leveraged ETFs. He was also alleged to have misled customers in connection with those sales. Martin allegedly recommended to his customers to hold the ETFs for longer than one day, even though they are not meant to be held for this amount of time. On 334 occasions, Martin recommended his clients invest in ProShares, UltraPro Short QQQ, ProShares UltraPro Short Russell2000, Direxion Daily Gold Miners Bear 2X, and Direxion Daily Large Cap Bear 3X. Many of these ETFs are not suitable for all investors, and a broker must take into account an investor’s age, net worth, investment objectives and investment portfolio before recommending an investment. If he does not, his investment firm can be held responsible for losses.
Richard W.L. Martin was previously registered with Smith, Barney, Harris, Upham & Co., REFCO Securities, Morgan Stanley, Global Strategic Investments, Latam Investments, GF Investment Services in Penang from July 2009 until April 2014, Global Strategic Investments and G.F. Investments in Penang from April 2014 until July 2015. He has 15 customer disputes against him. He has been permanently barred from the industry, according to his FINRA BrokerCheck report. Please call our Chicago-based securities law firm today if you suffered losses with Mr. Martin. We may be able to help you recover those losses in the FINRA arbitration forum on a contingency fee basis. The call is free with no obligation. 312-332-4200.
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