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Investigation: Richard Fels of Tradition Asiel Securities

Richard FelsThe securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding New York-based Traditional Asiel Securities broker Richard Fels (CRD# 1455194).

Richard Fels has spent twenty-nine years in the securities industry and has been registered with Tradition Asiel Securities in in New York, New York since 2000. Previous registrations include Standard Credit Services in New York, New York (2012-2014); Avatar Capital Group in New York, New York (2009-2012); Asiel & Company in New York, New York (1999-2000); Franklin/Templeton Securities in San Mateo, California (1998-1999); and Asiel & Company in New York, New York (1986-1998). He is a registered broker and investment adviser in 25 US states and territories.

According to his BrokerCheck report, Richard Fels is the subject of one customer complaint.

In 2012 a customer alleged Richard Fels, while employed at Tradition Asiel Securities, ignored opportunities to sell bonds at a higher price. The complaint settled in 2015 for $250,000.

Richard Fels’ employer, Tradition Asiel Securities, is itself the subject of 25 regulatory events, according to the firm’s BrokerCheck report.

In 2014 FINRA sanctioned Tradition Asiel Securities following allegations the firm failed to report TRACE-eligible transactions and additionally failed to maintain a supervisory system designed to achieve compliance with TRACE reporting rules. Tradition Asiel Securities was censured and issued a fine of $22,500.

In 2014 FINRA sanctioned Tradition Asiel Securities following allegations, among others, the firm accepted short sale orders from another person or effected a short sale for its own account without documenting compliance with SEC Rule 203(B), and additionally failed to maintain an accurate ledger and to transmit reportable order events to the Order Audit Trail System. Tradition Asiel Securities was censured and issued a fine of $77,500.

If you have lost money investing with Richard Fels or Tradition Asiel Securities, you may be entitled to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency, which means we only get paid if and when you collect money. You may have a limited window to file your claim, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.