Stoltmann Law Offices is investigating Richard McCollam, a former financial advisor with National Planning Corp in Lafayette, California. The Financial Industry Regulatory Authority (FINRA) alleged that he willfully failed to disclose two customer arbitrations and seven customer complaints to FINRA. This is against FINRA rules. He was also accused of breach of fiduciary duty, negligence, misrepresentations and omissions, common law fraud, breach of contract, unsuitable variable annuity and REIT purchases, unsuitable investment recommendations and alleged concentration of unsuitable, illiquid investments, among other things. A broker must only recommend those investments that are suitable for the client, by taking into account his net worth, investment objectives, investment sophistication, and age, among other factors. This is especially pertinent in the cases of variable annuities and REIT sales, as these investments tend to be high-risk and illiquid investments, not suitable for all investors. A broker’s firm has an ironclad responsibility to reasonably supervise its brokers, and, if it does not, can be held liable for investment losses.
Mr. McCollam was previously registered with UR Financial, MetLife Securities, The Lincoln National Life Insurance Company, Lincoln Financial Advisors, Royal Alliance Associates, SII Investments Inc. and National Planning Corp in Lafayette, California from April 2012 until January 2013. He has 25 customer disputes against him, nine of which are currently pending. He is currently not registered within the industry, according to his online FINRA BrokerCheck report. If you suffered losses with Richard Anthony McCollam, please call our Chicago-based securities law firm at 312-332-4200 today to find out how you may be able to recover your losses on a contingency fee basis. The call to us is free with no obligation. We sue firms such as National Planning Corp in the arbitration forum.
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