RICHARD COLEMAN Suspended After Excessive Trading- Melville, NY
Richard Coleman, previously with Salomon Whitney Financial, Suspended 2 Years from Securities Industry
Have you lost money with financial advisor Richard Coleman? The law firm of Israels & Neuman is investigating allegations made about Richard James Coleman from Melville, New York. FINRA (the Financial Industry Regulatory Authority) suspended Coleman from the securities industry for two years, fined him $15,000, and ordered him to pay $139,000 in restitution (although it is unlikely this money will be paid).
FINRA was investigating Richard Coleman, a broker who previously worked with Salomon Whitney Financial (now SW Financial), regarding allegations that Coleman engaged in excessive trading or churning between October 2015 and February 2017. FINRA alleged that four of Coleman’s customers had cost-to-equity ratios between 89% and 210%. To put this in perspective, if an account had a cost equity ratio of 50%, that means the trading in the account would have to make a 50% profit just to break even from the costs of trading.
Richard Coleman was a financial advisor and registered representative of Salomon Whitney Financial (SW Financial) from February 2016 to March 2017 and again from May 2018 to March 2019. Coleman was also affiliated with Richard James and Associates from June 2017 to June 2018. Coleman has also been the subject of ten customer complaints, and he was previously the subject of an action by the FINRA in 2012.
Brokerage firms like Salomon Whitney Financial have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including New York.
Click to view: Coleman, Richard FINRA AWC
Click to view: Coleman, Richard BrokerCheck 8.12.19
If you lost money with Richard Coleman or Salomon Whitney Financial, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.