SEC Charges Former LPL Advisor With Fraud

On May 23, 2013, the SEC charged a former LPL Financial LLC advisor, Blake Richards, with fraud and misappropriating $2 million from at least six clients.  The SEC filed the civil complaint in the U.S. District Court for the Northern District of Georgia.
According to an article by Bruce Kelly in Investment News, “when investors allegedly told Mr. Richards they had funds to invest from a retirement account rollover or proceeds from a life insurance policy, he allegedly told them to write out checks to an entity called “Blake Richards Investments” or “BMO Investments.”
According to H. Davis at Page Perry, this charge comes right after a the Financial Industry Regulatory Authority ordered LPL to pay a total of $9 million for significant email system failures and making misstatements to regulators.
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