Stoltmann Law Offices is interested in speaking to those individuals who may have invested money with Richard Poston, a former H. Beck registered broker. Beck was being investigated by the Financial Industry Regulatory Authority (FINRA), alleging violations of FINRA rules including standards of commercial honor and equitable principles of trade, improper use of customers’ securities or funds, and the borrowing or lending money from or to any customer without written approval. Most recently, a complaint against him alleged that Poston, from October 2007 until September 2015 made unsuitable concentrated and illiquid investments in non-traded real estate investment trusts (REITs). This claim is currently pending. REITs typically are risky and illiquid investments that are not suitable for all customers. A broker must take into account a customer’s age, net worth, investment sophistication and investment objectives, and, if he does not, his brokerage firm can be held responsible for those losses.
According to his online FINRA BrokerCheck report, Poston was registered with IDS Life Insurance Company in Minneapolis, Minnesota from June 1995 until October 2001, American Express Financial Advisors in Minneapolis, from June 1995 until October 2002, LPL Financial in Plano, Texas from October 2002 until September 2009, Gunnallen Financial in Plano from September 2009 until March 2010 and H. Beck in Plano from March 2010 until December 2015. He is not currently registered with any firm and has four customer disputes against him.