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Richard McCollam Facing 17 Customer Complaints

Richard McCollamPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on May 3, 2016 indicate that former California-based National Planning Corporation broker Richard McCollam is currently not licensed to act as a broker or an investment adviser. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. McCollam (CRD# 1419048).

Richard McCollam has spent 27 years in the securities industry and was most recently registered with National Planning Corporation in Lafayette, California (2012-2013). Previous registrations include SII Investments in San Ramon, California; Royal Alliance Associates in Lafayette, California; Lincoln Financial Advisors in Fort Wayne, Indiana; the Lincoln National Life Insurance Company in Fort Wayne, Indiana; the Metropolitan Life Insurance Company in New York, New York; MetLife Securities in New York, New York; and UR Financial. He is currently not registered with any state or firm.

According to his BrokerCheck report, Richard McCollam has been the subject of three customer complaints and is the subject of 17 pending customer complaints and one pending regulatory action.

In January 2016, a customer alleged that Richard McCollam, while employed at Royal Alliance Associates, over-concentrated the account in unsuitable and illiquid investments. The customer is seeking $750,000 in damages in the pending complaint.

In December 2015, FINRA named Richard McCollam as respondent in a complaint alleging that he “willfully failed to disclose two customer arbitrations and seven written customer complaints on his Form U4.” The action remains pending.

In 2014, a customer alleged that Richard McCollam, while employed at Royal Alliance Associates, made an unsuitable investment recommendation. The customer is seeking $145,000 in damages in the pending complaint.

In 2014, a customer alleged that Richard McCollam, while employed at Royal Alliance Associates, recommended an unsuitable investment. The customer is seeking $116,000 in damages in the pending complaint.

In 2014, a customer alleged that Richard McCollam, while employed at Royal Alliance Associates, made an unsuitable investment recommendation. The customer is seeking $76,000 in the pending complaint.

In 2014, a customer alleged that Richard McCollam, while employed at Royal Alliance Associates, executed unsuitable purchases. The customer is seeking $700,000 in damages in the pending complaint.

In 2013, a customer alleged that Richard McCollam, while employed at Royal Alliance Associates and SII Investments, failed to supervise another adviser who made unsuitable investment recommendations. The complaint settled in 2014 for $175,000.

If you or someone you know has complaints regarding Richard McCollam, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on contingency: we only receive payment if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.