Richard Eric Poston (Rick Eric Poston) of Plano Texas a stockbroker formerly employed by H. Beck Inc. is the subject of a customer initiated investment related arbitration claim which was settled for $25,000.00 in damages supported by accusations that while Poston was associated with H. Beck Inc. (1) Poston gave the customer bad investment advice concerning speculative business development companies and illiquid real estate investment trust products and (2) Poston steered customers towards overconcentrating their accounts in unsuitable alternative investments causing the customers to experience losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-01789 (Aug. 20, 2018).
FINRA Public Disclosure reveals that Poston is referenced in four additional customer initiated investment related disputes containing allegations of his misconduct during the time that he was associated with H. Beck and American Express Financial Advisors. Particularly, a customer filed an investment related complaint concerning Poston’s conduct where the customer sought $85,561.00 in damages based upon accusations of account mismanagement and the failure to inform the customer about the lack of liquidity on non-proprietary mutual funds and limited partnership interests.
Subsequently, a customer filed an investment related arbitration claim involving Poston’s activities in which the customer requested $100,000.00 in damages founded on allegations of bad advice concerning mutual funds effected in the customer’s account given the customer’s tolerance for risk. Another customer filed an investment related complaint regarding Poston’s conduct where the customer sought $75,000.00 in damages supported by accusations that unsuitable investment recommendations were made to the customer pertaining to equities transactions; and the customer’s instructions of liquidating investments had been ignored. Further, a customer initiated investment related arbitration claim concerning Poston’s activities was resolved for $185,000.00 in damages based upon allegations that unsuitable non-traded real estate investment trust products were sold to the customer while Poston was associated with H. Beck Inc. FINRA Arbitration No. 16-00766 (July 25, 2016).
Poston was discharged by H. Beck Inc. founded on accusations that Poston was uncooperative in the firm’s investigation into his activities.
