Stoltmann Law Offices is investigating Richard Fichter, a registered representative with Securities America in Williamsville, New York. Mr. Fichter allegedly acted negligently in connection to alleged improper sales practices employed by the account’s previous representative, made unsuitable recommendations and trades, failed to follow instructions, executed unauthorized trades, placed trades for the primary purpose of generating commissions, failed to follow instructions, engaged in deceptive acts and practices and did not cancel a trade as requested, among other things. These are all against securities laws. Mr. Fichter was previously registered with First Investors Corp from June 1983 until November 1983, William Cadden from October 1983 until September 1985 and Dean Witter Reynolds in Purchase, New York from September 1985 until February 1991. He is currently registered with Securities America in Williamsville, New York and has been since March 1991. He has four customer disputes against him, one of which is currently pending.
According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Paul George Liebezeit, a former registered representative with LPL Financial, was accused of participating in a private securities transaction. Allegedly, he recommended to a married couple, an investment in a fund of hedge funds away from his member firm. In December 2013, Liebezeit’s RIA customers, the married couple, consulted with him about certain investment opportunities recommended to them by others. Lievezeit then recommended that the investors invest in a similar security, a fund of hedge funds, away from the firm. This investment was not approved for sale through LPL. The investors invested $1,000,000. This is commonly referred to as “selling away,” and is when a broker recommends a security that is not offered or sold through his member firm, and is a tactic used by brokers to generate large commissions for themselves, which they do not have to share with their firms. It is against securities rules and regulations.
We sue firms such as LPL in the FINRA arbitration forum to recover money for investors who have lost funds because of brokers like Paul George Liebezeit. LPL had a duty to reasonably supervise Liebezeit, and, because the firm did not, may be liable for investment losses. We take cases on a contingency fee basis, so we do not make money unless you recover yours. Call our Chicago-based law offices today at 312-332-4200 to speak to an attorney about your options.
Paul George Liebezeit was registered with First Investors Corp, Morgan Stanley, NRP Financial and LPL Financial in Plymouth Meeting, Pennsylvania from December 2010 until October 2014. He is currently registered with Purshe Kaplan Sterling Investments in Plymouth Meeting and has been since November 2014.