Haselkorn & Thibaut, P.A., operating as Investment Fraud Lawyers has formally opened an investigation into Richard A. Alcorn (CRD #6333303), a registered broker with PFS Investments Inc., who operates in numerous states nationwide. Our goal is to empower investors with cutting-edge, insider knowledge of suitability standards, red flags, and investor protections. We have a 98% success rate in hundreds of investor claims, 95+ years of combined securities law experience, more than $520 million involved in securities matters, and top honors including Martindale-Hubbell AV Preeminent, Super Lawyers, and consistent 5.0-star client reviews. If you have concerns regarding investments with Richard A. Alcorn of PFS Investments Inc. in any location, or questions about the suitability of recommendations you received, we encourage you to review the findings below and call us at 1-888-885-7162 for a free and confidential consultation.
As former Wall Street defense attorneys, our attorneys leverage decades of representing major financial institutions—now putting that experience to work for individual investors like you. Below, we present the results of our review, with a focus on investor risks, complaint disclosures, and key regulatory context.
Summary of Complaints and Disclosures Involving Richard A. Alcorn (PFS Investments Inc.)
Table of Contents
Our investigation is based on records reported as of September 24, 2026, including information from BrokerCheck. We encourage you to review any details with care. Here are the critical findings:
| Disclosure Type | Date | Summary / Allegation | Status |
|---|---|---|---|
| Customer Dispute (Suitability) | July 15, 2026 | Trustee alleged unsuitable mutual fund recommendation despite her stated aversion to stock market investments. Claimed resulting losses and sought damages of $6,648. |
Pending |
| Criminal Disclosure | August 21, 1986 | Charges: Criminal attempt—first degree criminal trespass and theft by receiving. Disposition: Deferred adjudication for both. |
Closed |
| Financial Disclosure | March 9, 2018 | Financial compromise reported. Resolved as satisfied or released. |
Closed |
| Civil Judgment / Lien | May 16, 2022 | $1,912.87 civil judgment—old credit card debt. Advisor intended to arrange payments. |
Pending/Payment Arrangements |
Potential Red Flags for Investors of Richard A. Alcorn (PFS Investments Inc.)
- Suitability Dispute: The open customer complaint alleges a recommendation was made for mutual funds despite clear objections to stock market exposure, raising concerns under regulatory suitability standards. Losses claimed by the client highlight possible violations of FINRA Rule 2111.
- Criminal Background: While the criminal conduct listed is several decades old and resolved by deferred adjudication, disclosure and transparency in an advisor’s background are vital for any investor evaluating the representative’s trustworthiness.
- Financial Disclosures & Judgments: Past financial compromises and an unresolved judgment may prompt concerns about the advisor’s personal financial management—an important consideration for investors seeking utmost diligence and care from their financial professional.
What Is the “Suitability” Rule and Why Does It Matter?
FINRA Rule 2111 (Suitability) requires brokers to ensure recommendations fit the specific investment profile of each client. This means the advisor must fully understand your financial situation, investment objectives, risk tolerance, time horizon, and preferences, then recommend products aligned with those factors. If a broker recommends investments that expose you to unwanted risks or do not match your goals, that may constitute a violation under this rule.
FINRA Rule 2090 (Know Your Customer) further requires all brokers and firms to use reasonable diligence to understand the essential facts about every investor they serve. This is foundational to appropriate investment guidance and investor protection.
The Higher Standard: Regulation Best Interest (Reg BI)
Effective June 30, 2020, Regulation Best Interest (Reg BI) significantly strengthened the regulatory framework for brokers and advisors. Under Reg BI, brokers must always act in your best interest—placing your financial well-being ahead of any personal or firm incentives.
- Disclosure Obligation: Full transparency regarding fees, services, and conflicts of interest.
- Care Obligation: Recommendations must be based on diligent analysis of risks, costs, and reasonable alternatives.
- Conflict Mitigation: Firms must eliminate or mitigate conflicts that could encourage recommendation of less suitable or more costly products.
- Compliance Obligation: Maintenance of robust policies and procedures to ensure firm-wide compliance with Reg BI.
In practical terms, Reg BI raises the bar. Brokers and advisors who do not actively put your interests first—even on a single recommendation—may be liable for resulting losses. This rule represents a meaningful opportunity for investors who suspect unsuitable or self-interested advice harmed their portfolios.
Additional Background on Richard A. Alcorn (PFS Investments Inc.)
- Current broker registration: PFS Investments Inc.
- Registered in 20 U.S. states and territories
- Exam qualifications: Series 7, Series 63, and insurance lines licensing
- BrokerCheck Report: BrokerCheck
Our firm continues to monitor for regulatory updates, arbitration results, and additional complaints. If you have experienced any losses with Richard A. Alcorn or PFS Investments Inc.—or suspect investments were recommended contrary to your instructions or risk tolerance—you deserve answers and an advocate with insider knowledge and proven results.
Why Choose Us to Recover Your Investment Losses?
- Former Wall Street defense attorneys—now investor advocates
- 98% success rate across hundreds of claims
- Over $520 million in securities matters
- 95+ years of combined securities law experience
- Awarded Top 2% peer-reviewed (AV Preeminent, Super Lawyers)
- 5.0-star client reviews and no recovery, no fee
- We handle all matters on a confidential, contingency-fee basis—no upfront cost to you
You are not alone. Investors harmed by unsuitable advice or lack of transparency can recover lost funds. Our attorneys fight hard for your recovery—leveraging industry expertise few firms can match. If you or a loved one have concerns about recommendations or account mismanagement by Richard A. Alcorn at PFS Investments Inc., reach out today.
Get a free, no-obligation consultation now. Call 1-888-885-7162 or complete our online form for a rapid and confidential review. Your path to recovery begins with experienced, relentless advocacy—don’t wait.
