The board barred Thomas T. Riquier of Danvers, Mass., from using the CFP designation for allegedly borrowing at least $800,000 from more than 23 clients without disclosing the loans to his firm, which resulted in his termination by his broker-dealer.
He also allegedly withheld documents and information and failed to cooperate with Massachusetts regulators.
Per the FINRA website Broker Check, Riquier worked as a financial advisor for 45 years, with a history of defrauding clients.
He resigned in lieu of termination last year from United Planners Financial Service of America for violating FR3240 regarding borrowing funds from a client.
This followed a cease-and-desist order initiated by the Massachusetts Securities Division in which Riquier was sanctioned $50,000 in civil penalties and required to pay $400,000 in restitution to clients.
Their investigation revealed that Riquier solicited outside investments from brokerage and advisory customers pursuant to a private placement. The report also alleges that Riquier also borrowed large sums of money from his clients.
From 11/2008 – 3/2016, Riquier was the subject of five customer disputes under accusations of “churning” accounts, mismanaging funds, and failing to place trades as promised.
Get Help From Our Securities Fraud Attorneys Right Away
At Sonn Law Group, we are committed to protecting the investor. If you lost money because of a financial advisor’s breach of fiduciary duty or any other type of broker misconduct, our securities fraud attorneys can help. To get a free initial consultation, please call us today.
Disclaimer: This article contains opinions and NOT statements of fact in any way whatsoever. The information here is general information that should not be taken as legal advice. NO attorney-client relationship is established between you and our attorneys by reading this article. This article is attorney advertising and should not be used as a substitute for legal advice from a qualified securities lawyer.