Richard Belott (CRD# 4725262) is the owner of a financial services company called Financial Planning Advisors. This investment company is a New Jersey-based firm.
On June 15th, 2018, the New Jersey Bureau of Securities announced that it was revoking the securities registration of Richard Belott and his company Financial Planning Advisors.
According to New Jersey state officials, Mr. Belott used his company to offer fraudulent unregistered securities to vulnerable elderly investors. In addition to the revocation, this broker has also been assessed a $500,000 civil penalty.
Elder Investment Fraud: Unregistered Securities
According to New Jersey securities regulators, the alleged misconduct in this case occurred between 2008 and 2015. During that time, Mr. Belott sold 24 different promissory notes to investors. The total value of these unregistered securities is estimated at $6.1 million.
Investors, who were mostly elderly, were informed that they were purchasing securities in local diners in New Jersey. In reality, state officials believe that these unregistered securities were fraudulent. Investor money was siphoned off and used to fund Mr. Belott’s lavish lifestyle.
Sadly, officials believe that many of the victimized investors lost significant portions of their retirement savings. Unfortunately, elder financial fraud remains a very serious problem in our country. Elderly and vulnerable investors are often targeted by scammers.
Get Help From Our Elder Financial Abuse Lawyers
At Sonn Law Group, our investor rights lawyers have deep experience handling complex elder financial fraud cases. If you or your elderly loved one lost money due to investment fraud or broker misconduct, please do not hesitate to call our law office today for a risk free consultation.
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