RedFlags, Allegations and Complaints against RICHARD KENNETH SUNDERLAND
Disclosure #1 for RICHARD SUNDERLAND
- eventDate: 6/25/2012
- Disclosure Type: Employment Separation After Allegations
- Disclosure Resolution:
- Disclosure Detail :: Firm Name: ALLIED BEACON PARTNERS, INC.
- Termination Type: Permitted to Resign
- Allegations: ALLEGATIONS SURROUNDING THE SALE OF TWO PRODUCTS WITHOUT THE PROPER SECURITIES LICENSES AND/OR REQUIRED FIRM TRAINING.
- Broker Comment: ALTHOUGH I HAVE NEVER KNOWINGLY VIOLATED ANY SECURITIES REGULATIONS, FINRA INITIATED AN INQUIRY ON 9/25/12 INTO TWO ALTERNATE INVESTMENT SALES I MADE IN MAY OF 2012 AT THE ADVICE OF JAMES HINTZ, THE PRESIDENT OF ALLIED BEACON PARTNERS, INC. WHO WAS MY B/D AT THE TIME. MR. HINTZ HAD ASSURED ME THAT MY SERIES 65 LICENSE WAS APPROPRIATE FOR THE SALE OF A NON-TRADED REIT AND AN ISSUE OF RENEWABLE DEBENTURES. DURING MY DUE DILIGENCE INVESTIGATION WITH THE PROVIDERS OF THESE TWO INVESTMENTS, THEIR REPRESENTATIVES CONFIRMED THE APPROPRIATENESS OF MY LICENSING AS STATED BY HINTZ. BOTH MR. HINTZ AND THE PROVIDER REPS WERE AWARE THAT THESE WERE COMMISSION SALES. SEVERAL WEEKS AFTER THESE SALES WERE COMPLETED I DISCOVERED THAT HAD THE PRODUCTS IN QUESTION BEEN PURCHASED IN A FEE-BASED ADVISORY ACCOUNT, MY SERIES 65 LICENSE WOULD HAVE PROVIDED PROPER AUTHORITY; HOWEVER, RBC CAPITAL MARKETS, THE CLEARING FIRM FOR ALLIED BEACON, HAS NO PROVISION FOR THE PURCHASE OF EITHER ISSUE. THE OTHER PARTIES TO THIS DEBACLE WERE WELL AWARE OF THAT FACT. MR. HINTZ NOT ONLY FAILED TO PROPERLY SUPERVISED ME BUT ACTIVELY ADVISED ME TO MAKE THESE UNLICENSED SALES. MY CLIENT WHO MADE THE INVESTMENTS ARE DELIGHTED WITH THE RETURNS THEY ARE RECEIVING. THE ONLY PARTY WHO HAS BEEN FINANCIALLY HARMED BY THESE SALES IS ME. THE BD KEPT 100% OF THE COMMISSION FOR THESE SALES PLUS ALL THE TRAIL COMMISSIONS THAT WERE DUE ME SINCE JULY 21, 2012, WHICH WAS THIRTY DAYS AFTER I RESIGNED FROM ALLIED BEACON. ON JANUARY 16, 2013, FINRA ISSUED A O-ACTION LETTER ADVISING ME THAT THEY HAD CLOSED THE EXAMINATION OF THE MATTER.
Should I file a FINRA complaint against brokers like RICHARD KENNETH SUNDERLAND?
Many investors (presumably, like yourself) are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who lost money in this fashion may actually be entitled to damages. You may suffer significant losses at the hands of your financial advisors’ misconduct, such as if they misrepresented or failed to disclose the risks associated with a particular investment, recommended frequent trades for the sole purpose of generating commissions, or used high-pressure tactics to make a sale. The rules and regulations of securities laws and FINRA policies are complex, and investment loss claims require an extensive understanding of securities arbitration to achieve the best possible results.
Update – 2022.11.15If you have suffered investment losses that may have been caused by RICHARD KENNETH SUNDERLAND’s negligence or fraud, contact a FINRA lawyer today. Most FINRA lawyers work on a contingency fee basis, meaning that you will not be charged for their services unless they successfully collect money for you. Kindly add a comment, or contact us directly if you have any query, or want to be contacted by a FINRA lawyer today!
Frequently Asked Questions About RICHARD KENNETH SUNDERLAND
What is RICHARD SUNDERLAND’s Central Registration Depository (CRD) Number?
Which firm is RICHARD KENNETH SUNDERLAND associated with?
OAKWOOD CAPITAL SECURITIES, INC.
Where is RICHARD SUNDERLAND located?
2120 PENNSYLVANIA AVENUE N, GOLDEN VALLEY, MN, 55427
Where can I find more details about RICHARD SUNDERLAND’s Investment Firm?
Visit https://brokercheck.finra.org/firm/summary/21000 to read a detailed report for OAKWOOD CAPITAL SECURITIES, INC.
Are there any disclosures, allegations or complaints filed against RICHARD KENNETH SUNDERLAND?
Where can I download a detailed FINRA report for RICHARD SUNDERLAND?
Is it safe to do business with RICHARD KENNETH SUNDERLAND?
We’re not sure. Please research RICHARD SUNDERLAND’s disclosures, allegations and complaints before taking a decision
Originally reported on November 15, 2022 @ 11:35 pm
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