The law firm of Oakes & Fosher is presently investigating the possible misconduct of former securities broker Richard Gomez. According to his publicly available FINRA BrokerCheck report, Richard Gomez has been the subject of multiple customer disputes and FINRA sanctions.
Richard Gomez was a New York based securities broker. He worked in the securities industry for nine years. During his career, he was registered with sixteen different securities firms. He is no longer working as a registered securities broker in any fashion.
- Brookstreet Securities (2006)
- Garden State Securities (2006)
- Hallmark Investments (2006)
- Hunter Scott Financial (2006)
- Meyers Associates (2006-2007)
- Clark Dodge & Co. (2006-2007)
- World Equity Group (2006-2007)
- Brill Securities (2007-2009)
- Vison (2009-2010)
- U.S. Financial Investments (2010-2011)
- Legend Securities (2011)
- PHD Capital (2012)
- Caldwell International Securities (2012)
- Rockwell Global Capital (2012-2013)
- Woodstock Financial Group (2013)
- Avenir Financial Group (2013-2015)
The FINRA Sanction
In April 2015, Richard Gomez was sanctioned by FINRA for allegedly defrauding investors of almost half a million dollars by taking part in two different schemes involving private securities transactions outside the scope of his member firm.
Richard Gomez allegedly sold membership interests to these investors. These interests were part of entities affiliated with a foreign company. The company of course being fraudulent. The investors were allegedly told, through the nature of the investment, that they would have the opportunity purchase shares of certain companies before they were offered to the public, or Pre-IPO.
The fund manager and the “company’s” president allegedly did not use the funds they received to purchase pre-IPO shares of anything, but rather used the money for personal expenses. Richard Gomez allegedly sold almost $400,000 of fraudulent membership interests to these investors–which in turn generated $22,000 in commissions for himself.
Richard Gomez allegedly took part in an identical scheme that took place with a fraudulent stateside company that produced coal. He allegedly defrauded investors out of $105,000 and generated almost $15,000 in commissions for himself.
Richard Gomez allegedly misrepresented numerous material facts to investors when attempting to solicit funds. He allegedly falsely told them that the foreign company’s entity he was trying to sell them had the right to acquire stock of certain trading companies, and that, by them investing in the foreign company’s entity, each investor would acquire an ownership interest in the entity’s stock for said trading companies.
When soliciting funds for the stateside coal company, he allegedly falsely stated that the company would do a pre-IPO in the near future.
Due to the allegations against him in this matter, Richard Gomez was fined approximately $5,000 and barred from acting as a securities broker in any fashion.
The Customer Complaints
- In June 2015, a customer alleged that Richard Gomez violated the NY Consumer Protection Act, breached contract, engaged in common law fraud, handled their account negligently, and misrepresented material details. This case went to arbitration where the customer was awarded $150,375 in damages.
- In January 2016, a customer alleged that Richard Gomez executed unauthorized transactions, charged them excessive commissions, churned their account, and recommended unsuitable securities. This case is currently pending. The customer is seeking $110,000 in damages.
- In July 2016, a customer alleged that Richard Gomez breached contract, engaged in common law fraud, breached his fiduciary duty, and handled their account negligently. This case is currently pending. The customer is seeking $100,001 in damages.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Richard Gomez, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.