Richard Lance Belline, of Rogers, Arkansas, a stockbroker registered with Equitable Advisors LLC, is the subject of a customer initiated investment related complaint filed on December 18, 2023, in which the customer requested $64,781.68 in damages based upon allegations that Belline overcharged advisory fees when Belline was associated with Equitable Advisors LLC. It is uncertain whether these “excessive fees” were disclosed or agreed upon by the customer at the time the account was opened.
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Belline is referenced in ten (10) other customer initiated investment related disputes concerning Belline’s conduct while associated with securities broker dealers. On June 8, 2022, a customer initiated investment related FINRA securities arbitration claim involving Belline’s conduct was settled for $50,000.00 in damages based upon allegations that Belline made unsuitable recommendations in real estate securities during the time that Belline was associated with AXA Advisors LLC. FINRA Arbitration No. 20-00406.
On March 22, 2022, a customer initiated investment related FINRA securities arbitration claim involving Belline’s conduct was settled for $42,500.00 in damages based upon allegations that Belline made unsuitable investment recommendations for the customer’s IRA when Belline was associated with Equitable Advisors LLC. FINRA Arbitration No. 20-04208.
On March 11, 2023, another customer filed an investment related complaint involving Belline’s conduct in which the customer requested $25,605.83 in damages based upon allegations that Belline engaged in unauthorized trading in stocks.
On November 8, 2023, a customer initiated an investment related complaint involving Belline’s conduct was settled for $28,023.88 in damages based upon allegations that Belline charged advisory fees that were higher than originally agreed upon in connection with the sale of securities.
Belline is also referenced in a securities arbitration claim in which the customer requested compensatory damages based upon allegations that Belline made unsuitable recommendations in real estate securities during the period that Belline was associated with Equitable Advisors LLC. FINRA Arbitration No. 23-03300 (November 15, 2023).
Belline is also referenced in a customer initiated investment related complaint filed on December 16, 2023, in which the customer requested compensatory damages based upon allegations that Belline overcharged advisory fees in connection with the sale of securities. The securities broker denied the complaint on February 16, 2024.
On October 16, 2023, Equitable Advisors LLC discharged Belline based upon allegations that Belline violated the securities broker dealer’s policies and procedures by settling customer complaints away from the firm relating to both unauthorized trading and the charging of advisory fees.
Belline was associated with Equitable Advisors LLC in Rogers, Arkansas from December 14, 1993, to October 18, 2023.
