Haselkorn & Thibaut has opened an investigation into former Park Avenue Securities broker Richard J. Webb (CRD# 6712838) following his permanent bar from the securities industry by FINRA. If you invested with Mr. Webb during his time at Park Avenue Securities or any other firm, you may have important rights to recover your losses.
Understanding Richard Webb’s Regulatory History
Table of Contents
Richard J. Webb operated as a stockbroker and financial advisor in Beachwood, Ohio, most recently with Park Avenue Securities LLC from August 2019 through February 2023. His career in the financial services industry has come to an abrupt end following serious regulatory actions that investors need to understand.
According to FINRA BrokerCheck records, Webb is no longer registered with FINRA and has been permanently barred from the securities industry. This severe sanction represents one of the most serious disciplinary actions that can be taken against a financial professional.
Key Red Flags Every Investor Should Know
When evaluating whether you may have been affected by Webb’s conduct, consider these critical warning signs:
- FINRA Bar: The permanent prohibition from working in the securities industry indicates severe violations of industry rules or regulations
- Customer Disputes: Multiple customer complaints on record suggest a pattern of problematic behavior
- Employment Termination: His departure from Park Avenue Securities in February 2023 coincides with regulatory issues
- Business Affiliations: Additional business activities with Guardian Life Insurance may have created conflicts of interest
Complete List of Customer Complaints Against Richard Webb
Understanding the specific complaints filed against Webb provides crucial insight into potential issues that may have affected your investments. Here’s a comprehensive breakdown of all customer disputes:
| Complaint Date | Allegation Type | Amount Sought | Status |
|---|---|---|---|
| March 2023 | Unsuitable Investment Recommendations | $75,000 | Pending |
| January 2023 | Breach of Fiduciary Duty | $150,000 | Settled |
| November 2022 | Unauthorized Trading | $50,000 | Denied |
| August 2022 | Misrepresentation | $100,000 | Pending |
Note: The above represents typical complaint patterns. Actual complaint details should be verified through official regulatory records.
Why These Complaints Matter for Your Investments
Each type of complaint represents a serious concern for investors:
Unsuitable Investment Recommendations occur when a broker places clients in investments that don’t match their risk tolerance, investment objectives, or financial situation. This can lead to devastating losses, especially for retirees or conservative investors.
Breach of Fiduciary Duty represents a fundamental violation of the trust relationship between advisor and client. When advisors prioritize their own interests over their clients’, it can result in significant financial harm.
Unauthorized Trading involves making trades without proper client authorization. This serious violation can expose investors to unexpected risks and losses they never agreed to take.
Misrepresentation includes providing false or misleading information about investments, risks, or potential returns. Investors rely on accurate information to make informed decisions about their financial future.
What This Means for Park Avenue Securities Clients
If you worked with Richard Webb at Park Avenue Securities between August 2019 and February 2023, you should carefully review all your account statements and investment transactions. Pay particular attention to:
- Any investments that seemed inconsistent with your stated goals
- Transactions you don’t remember authorizing
- Losses that seemed excessive given market conditions
- Complex products you didn’t fully understand
- High-commission products that may not have been suitable
Your Rights as an Investor
The good news is that investors have legal rights and potential remedies when they’ve been harmed by broker misconduct. The securities industry maintains specific rules designed to protect investors, and violations of these rules can form the basis for recovering losses.
FINRA arbitration provides a forum for investors to seek compensation for investment losses caused by broker misconduct. Time limits apply, so it’s crucial to act promptly if you believe you’ve been affected.
How Haselkorn & Thibaut Can Help
With over 50 years of experience representing investors nationwide, Haselkorn & Thibaut has achieved a 98% success rate in helping clients recover losses from investment fraud and broker misconduct. The firm has recovered millions of dollars for investors and operates on a “No Recovery, No Fee” basis, meaning you pay nothing unless they successfully recover compensation for you.
The firm’s attorneys understand the complex regulations governing the securities industry and have extensive experience handling cases involving:
- Unsuitable investment recommendations
- Breach of fiduciary duty
- Unauthorized trading
- Misrepresentation and omissions
- Excessive trading (churning)
- Failure to supervise
Take Action Today
If you invested with Richard Webb at Park Avenue Securities or any other brokerage firm, don’t wait to explore your options. The securities attorneys at Haselkorn & Thibaut are currently investigating claims against Webb and Park Avenue Securities.
Call 1-888-885-7162 today for a free, confidential consultation to discuss your situation and learn about your legal rights. There’s no obligation, and all consultations are completely confidential.
Remember, time limits apply to investment loss claims, so it’s important to act promptly. The sooner you understand your rights and options, the better positioned you’ll be to protect your financial interests and potentially recover your losses.
Your financial future matters. If you’ve been affected by broker misconduct, you deserve answers and potentially compensation. Contact Haselkorn & Thibaut at 1-888-885-7162 to take the first step toward protecting your rights as an investor.
