Financial Advisor Thomas T. Riquier of Danvers, Mass. Barred From Using Certified Financial Planner Mark

Financial-Advisor-Thomas-T.-RiquierThe 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.

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