Thomas Riquier Barred -United Planners, Censured & Fined $100,000
According to news reports yesterday, Massachusetts Secretary of State William Galvin announced that financial advisor Thomas Riquier has been censured, fined $50,000, barred from registering as an investment adviser or broker-dealer, and ordered to repay the victims of his decades-long real estate scam.
Riquier allegedly told his clients he would invest their money in property and they would all share in the profits when the land was sold. Instead, Riquier purportedly kept at least $1 million for himself over a 26-year period. According to Galvin the scheme went on so long that, “Many of the original investors and clients have died.”
According to his FINRA broker record, Riquier was a registered representative with United Planners Financial Services of America for 26 years. Riquier reportedly oversaw 1,771 accounts for 400 clients and produced more than $1.2 million per year for United Planners, according to the consent order. United Planners reportedly agreed to pay a fine of $100,000 and hire an independent consultant to assist in overhauling its supervisory procedures.
Riquier’s worked at The Retirement Financial Center on Liberty Street in Danvers, MA.
According to the Secretary of State’s office, in addition to the real estate scam, Riquier allegedly solicited more than $800,000 in private loans from his clients, in violation of state and federal laws.
Under the consent order, Riquier has 30 days to provide the state with a spreadsheet showing his restitution offers to the people he defrauded.
Failure to Supervise
The White Law Group is investigating the liability Riquier’s employers may have for failure to properly supervise him.
Brokerage firms have a responsibility to monitor their brokers and ensure that investments recommendations are in the clients’ best interest. When brokers break laws or violate FINRA Rules, the firm they work for can be held liable for failure to supervise and responsible for investment losses.
If you suffered investment losses with Thomas Riquier, the securities attorneys at The White Law Group may be able to help you. For a free consultation, please call the firm’s offices at 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to the representation of investors in FINRA arbitration claims against brokerage firms throughout the United States.
To learn more about The White Law Group, visit www.WhiteSecuritiesLaw.com.
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