The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Thomas Riquier. According to his publicly available FINRA BrokerCheck report, Thomas Riquier has been the subject of multiple customer disputes.

Thomas Riquier was a Massachusetts based securities broker. He worked in the securities industry for forty-five years. During his career, he was registered with five different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Nel Equity Services Corporation (1972-1981)
  • MHA Financial Corp. (1981-1985)
  • Main Street Management Company (1985-1991)
  • New England Securities (1994-2001)
  • United Planners’ Financial Services of America (1992-2018)

The Allegations

  • In November 2008, he became the subject of two complaints from customers alleging that he failed to place trades in a timely manner. The first case was settled for $63,700 in damages. The second case was settled for $21,940 in damages.
  • In April 2009, a customer alleged that Thomas Riquier failed to follow instructions. This case was settled for $218,987 in damages.
  • In June 2011, a customer alleged that Thomas Riquier churned their account and failed to disclose fees.
  • In November 2016, a customer alleged that Thomas Riquier managed their account poorly and stole their funds.
  • In February 2018, Thomas Riquier was sanctioned by the Massachusetts Securities Division. The findings in this matter state that he placed member firm customers in unsuitable outside investments. Riquier also allegedly borrowed large sums of money from his customers. Due to these alleged actions, he was fined $50,000, forced to pay $400,000 in restitution, and barred from acting as a securities broker in any fashion. He resigned from his position at United Planner Financial Services of America amidst the allegations.

What Does This Mean?

Brokers are not allowed to borrow money from member firm customers. This is due to the nature of the power dynamic between investors and brokers. While the investor has final say regarding how their funds are invested, the broker still holds the position of expert in the relationship. This creates an unfair amount of influence whenever a broker makes a recommendation that works toward their own self interest as opposed to the investor’s. Essentially, an investor may feel pressured to oblige with their broker’s request for a loan. This is in spite of the fact that an individual providing a personal loan is an abysmal financial decision. One that is definitely not in the investor’s best interests, which the broker is supposed to be looking out for.

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 Thomas Riquier, 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.