Stoltmann Law Offices is investigating Richard Ohlhaber, a former registered broker with FSC Securities in Grapevine, Texas. According to his BrokerCheck report on the Financial Industry Regulatory Authority (FINRA) website, Ohlhaber was recently and permanently barred from the securities industry. He was accused of selling life insurance contracts by an unapproved entity and received over $300,000 in commissions from the entity by doing so. He also allegedly misrepresented material facts related to a variable annuity purchase and provided poor advice to a client. He also allegedly made unsuitable investment recommendations. In 2001, a customer alleged that Ohlhaber breached fiduciary duty and churned accounts. Churning is another word for excessive trading and is done exclusively to generate large commissions for the broker. All of Ohlhaber’s transgressions are against securities rules and regulations.
Richard Ohlhaber was registered with Baring & Brown Inc. from July 1991 until January 1992, Emanuel and Company in New York, New York from January 1992 until June 1993, H.J. Meyers & Co. in Rochester, New York from June 1993 until October 1998, Josephthal & Co. in New York from September 1998 until October 2001, Stifel, Nicolaus & Company in Southlake, Texas from October 2001 until April 2007, Century Securities Associates in Southlake from April 2007 until May 2008, Southwest Securities Inc. in Southlake from May 2008 until April 2012 and FSC Securities Corp in Grapevine, Texas from August 2012 until November 2012. He has nine customer disputes against him, two of which are currently pending. He is not licensed within the industry and FINRA and the Securities and Exchange Commission (SEC) have permanently barred him from the securities industry.
If you or someone you know lost money with Richard Ohlhaber, please call our securities law firm in Chicago for a free consultation with an attorney. The call is free with no obligation. You may be able to sue FSC Securities for failing to reasonably supervise him while he was employed with them. They can be held liable for financial losses.
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