Over the last 12 years, Oakes & Fosher has tried and won more FINRA arbitration cases on behalf of individual investors than any other law firm in the country.

*Past results do not guarantee a similar outcome. The choice of a lawyer is an important decision and should not be based alone on prior results.

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The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Richard Heuberger. According to his publicly available FINRA BrokerCheck report, Richard Heuberger has been the subject of multiple customer disputes over the course of his career.

Richard Heuberger is an Illinois based securities broker. He has worked in the securities industry for twenty-three years. During his career, he has been registered with six different securities firms.

His Registrations

  • The Equitable Life Assurance Society of the United States (1997-2000)
  • AXA Advisors (1997-2000)
  • Brecek & Young Advisors, Inc. (2000-2001)
  • Sigma Financial Corporation (2001-2014)
  • Securities America, Inc. (2014-2020)
  • Arete Wealth Management (2020-Present)

The Allegations

  • In June 2013, a customer alleged that Richard Heuberger made material misrepresentations, breached contract, and managed their account negligently. These allegations were concerning a TIC investment. This case was settled for $78,000 in damages.
  • In October 2016, a customer alleged that Richard Heuberger made material misrepresentations, breached his fiduciary duty, and managed there account negligently. This complaint also concerned a TIC investment. This case was settled for $40,000 in damages.
  • In November 2016, a customer alleged that Richard Heuberger committed fraud, breached his fiduciary duty, managed their account negligently, and breached contract in connection with a TIC investment. This case was settled for $85,000 in damages.

What Does This Mean?

A TIC investment, also known as a ‘tenancy in common’ investment, is when an investor co-owns a real estate property with one or more other investors. The real estate property could be either commercial or residential. The percentages of ownership can be divided up in any way the owners see fit. For instance, if two owners both have 50 percent stake in a property, and then one owner decides to transfer 20 percent of their portion to one of their kids, then the property is then divided at 20/30/50 percent between three partners.

This type of investment is really only suitable for investors with lower liquidity needs. This is because real estate is often much more difficult to liquidate than equities traded on public exchanges. It takes time to find a new investor willing to purchase the equity in the real estate, as opposed to publicly traded equities where an investor can sell their shares for the stated market value whenever they so desire. This is because these types of investments have what is known as a guaranteed redemption. Investors need to be made aware of this fact by their securities broker before investing in TIC investments.

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 Heuberger, 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.