Published on:

Former GF Investment Services Broker Richard Martin Under Investigation by FINRA for Leveraged ETFs

Stockbroker Richard Martin, previously of GF Investment Services, received a Wells Notice from the Financial Industry Regulatory Authority (FINRA) on March 25, 2015, indicating he would be subject to an FINRA investigation regarding leveraged Exchange Traded Funds (ETFs).

Additionally, Richard Martin was “permitted to resign” from GF Investment Services on July 7, 2015.

The securities and fraud law firm Fitapelli Kurta has recently filed four cases against Richard Martin and is interested in speaking to investors who have additional complaints. The majority of these complaints involve triple leveraged inverse ETFs that Mr. Martin recommended to his clients.  The complaints allege that Mr. Martin did not understand these products and that his recommendation to hold them for years resulted in catastrophic losses to the customers.

Richard Martin spent twenty-nine years in the securities industry and was most recently registered with GF Investment Services operating from an office in Penang, Malaysia (2014-2015). Richard Martin was most famously known for his frequent appearances on the Gary Null radio show, and shares a “doomsday” approach to investing, believing the world economy will soon collapse.

According to his BrokerCheck report, this was not the first time Richard Martin was “permitted to resign” from a firm. In 2009 he left his position at LatAm Investments following allegations he removed a painting belonging to the firm’s CEO. According to his FINRA BrokerCheck Report,

“A painting belonging to the CEO of the firm was discovered missing. Upon review of the video recording from the office monitoring system the firm positively identified Mr. Martin removing the painting from the CEO’s office early in the morning and then exiting the main door with the painting.”

In 2014 FINRA opened an examination into potential violations of federal securities law against Mr. Martin. Both cases are pending.

FINRA lists several complaints against Mr. Martin on his BrokerCheck Report.

  • In 2015 a customer alleged Richard Martin, while employed at GF Investment Services, made unsuitable trades in exchange-traded funds (ETFs). The complaint settled for $62,500.
  • In 2014 a customer filed a complaint alleging poor performance by Richard Martin, then employed by GF Investment Services. The customer seeks $2,000,000 in damages in the pending complaint.
  • In 2014 a customer alleged Richard Martin, while employed by GF Investment Services, sold unsuitable investments in ETFs. The customer seeks $500,000 in damages in the pending complaint.
  • In 2014 a customer alleged Richard Martin, while employed at GF Investment Services, made unsuitable trades in ETFs. The complaint settled in 2015 for $22,500.
  • In 2011 a customer alleged Richard Martin, while employed at GF Investment Services and LatAm Investments, made unsuitable short sales that were unsuitable for the customer’s risk tolerance. The complaint settled in 2012 for $127,500.

If you have lost money investing with Richard William Martin, or leveraged ETF’s, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover your losses. Since all cases are taken on contingency, we only get paid if and when you recover money.  Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.