Richard Cody Has One Pending Civil Complaint

Richard Cody

Public records provided by the Financial Industry Regulatory Authority (FINRA) on April 20, 2017 indicate that former New Jersey-based IFS Securities broker Richard Cody has been named in a pending FINRA complaint. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Cody (CRD# 2794558).

Richard Cody has spent eighteen years in the securities industry. Previous registrations include Concorde Investment Services in Spring Lake, New Jersey; Westminster Financial Services in Providence, Rhode Island; Gunnallen Financial in Boston, Massachusetts; Leerink Swann & Company in Boston, Massachusetts; Salomon Smith Barney in New York, New York; and Merrill Lynch in New York, New York. He is currently not registered with any state or firm.

According to his BrokerCheck report, Richard Cody has received three customer complaints, nine pending customer complaints, two pending regulatory complaints, and one pending civil complaint.

In April 2017 FINRA named him respondent in a complaint alleging that “during the course of FINRA’s investigation into whether he engaged in securities business while suspended, Cody provided false and misleading information in response to FINRA’s requests for information and during on-the-record testimony.” According to FINRA’s allegations: “FINRA opened an investigation into Cody’s activities after a former customer of his contacted it. The customer informed FINRA that, among other things, she recently had learned that Cody had been suspended for most of 2013, but that Cody had continued to serve as her broker during that year. The customer forwarded to FINRA staff emails that were written between the customer and Cody’s personal email account in 2013, while Cody was suspended. The customer also forwarded to FINRA staff an email that was written by the customer in 2013 to a business email account that Cody used prior to (and following) his suspension. The forwarded emails discussed, among other things, investment strategy and potential trades in one or more of the customer’s accounts. During the investigation, FINRA reviewed emails associated with the Cody’s personal email account and the business email account, as well as those associated with business email account of his wife, during the period that Cody was suspended. FINRA also spoke with a number of Cody’s and his wife’s former customers. Based, in part, on those sources, FINRA learned that Cody, with his wife’s assistance, repeatedly violated the terms of his suspension by, among other things, communicating with customers, making securities recommendations to them, and placing trades on their behalf.” The complaint remains pending.

In 2005 a customer alleged he, while employed at Leerink Swann & Company, recommended an unsuitable product. The complaint settled for $20,000.

In 2005 a customer alleged he, while employed at Leerink Swann & Company, made an unsuitable investment recommendation. The complaint settled for $56,000.

If you or someone you know has lost money investing with Richard Cody, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect 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.