Richard Edwin Seidel of Wyomissing Pennsylvania a stockbroker formerly registered with Pruco Securities LLC is the subject of a customer initiated investment related written complaint which settled for $118,.734.65 in damages on March 29, 2017 founded on allegations that $55,000.00 in total loans had been improperly taken from the customer’s insurance policy when Seidel was associated with Pruco Securities LLC where Seidel failed to repay the customer on those loans.
This is the first complaint to be filed against Seidel since he was sanctioned by Financial Industry Regulatory Authority (FINRA). Particularly, Seidel was suspended from associating with any FINRA member in any capacity supported by findings that he borrowed a customer’s funds without having sought or obtained the firm’s authorization, and where the loan was effected with a customer in violation of the firm’s policies. Letter of Acceptance Waiver and Consent No. 2016050057401 (Dec. 14, 2016). FINRA found Seidel’s unapproved customer loan arrangement to be violative of FINRA Rules 2110 and 3270.
FINRA Public Disclosure additionally confirms that Seidel is referenced in a customer initiated investment related complaint where the customer requested damages estimated to exceed 5,000.00 based upon accusations of false or misleading statements being made in regard to a variable appreciable life insurance policy that was purchased by the customer when Seidel was employed by Pruco Securities LLC.
Seidel was discharged by Pruco Securities LLC for entering into the unauthorized customer loan arrangement.
