Publicly available records provided by the Texas State Securities Board (Order No. IC16-CAF-15) indicate that Texas-based investment adviser Rubicon Wealth Management has been the subject of a disciplinary action. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Rubicon Wealth Management.
According to the records in question, Rubicon Wealth Management has been registered with the Texas Securities Commissioner since January 1, 2007, a registration that remains effective. The firm’s president, Michael Heridia, has also been registered with the Commissioner since January 1, 2007, a registration that remains effective.
The TSSB states that in 2010, an inspection determined that Rubicon Wealth Management’s written supervisory procedures “were inadequate to achieve compliance” with Texas securities rules and regulations: “Specifically, the procedures failed to address supervisory reviews to determine the suitability of recommendations in client accounts; supervisory review of investment adviser representatives’ correspondence; investment adviser representative registration; and hiring and training of new investment adviser representatives.” At the end of this inspection, the TSSB states, it requested that Rubicon correct these deficiencies.
The TSSB states also that in a 2014 inspection, Rubicon Wealth Management’s supervisory procedures “were once again inadequate… As in 2010, [Rubicon] did not have procedures established to address the suitability of recommendations in client accounts; supervisory review of investment adviser representatives’ correspondence; and investment adviser representative registration,” among other deficiencies. The Board has found that Rubicon Wealth Management’s failure to establish procedures addressing suitability of recommendations, among other deficiencies, constituted a violation of securities laws and rules. The firm was issued a reprimand and a fine of $5,000; Mr. Heridia consented not to serve in any principal or supervisory capacity on behalf of the firm for eight years.
If you have lost money investing with Rubicon Wealth Management, you may be able 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 a contingency basis: Fitapelli Kurta only gets paid if and when you collect funds. 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.