Ronald G. Richer of Red Bank New Jersey a stockbroker currently employed by Garden State Securities Inc. is referenced in a customer initiated investment related arbitration claim which settled for $16,300.00 in damages supported by allegations that (1) fiduciary obligations to the customer were violated and (2) Theravance Inc. put options and stocks executed in the customer’s account failed to be suitable for the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-00763 (Sept. 28, 2018).
FINRA Public Disclosure reveals that Richer is referenced in two more customer initiated investment related disputes containing accusations of his violative conduct while employed with Garden State Securities and Global Arena Capital Corp. In particular, a customer initiated investment related complaint in regards to Richer’s conduct was settled to resolve allegations that when Richer was associated with Global Arena Capital Corp, inappropriate over-the-counter equities investment recommendations had been made to the customer.
Thereafter, on December 5, 2017, a customer initiated investment related arbitration claim regarding Richer’s activities was settled for $30,000.00 in damages founded on accusations that the customer’s account was handled in a negligent manner; stock and over-the-counter equities transactions were effected in the customer’s account on an unauthorized basis; and Garden State States Securities Inc. failed to supervise the customer’s account.
Richer has been registered with Garden State Securities Inc. since December 9, 2014. He has been employed by two different securities broker dealers since August 12, 2004 which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. Particularly, Global Arena Capital Corp was fined $1,000,000.00 and expelled from FINRA membership according to a Default Decision containing findings that customers had been charged excessive and unreasonable markups on transactions placed in their investment accounts; and the firm neglected to supervise its business practices to ensure that customers were not overcharged on corporate bond transactions. Department of Market Regulation v. Global Arena Capital Corp. Disciplinary Proceeding No. 20110265443-01 (Dec. 7, 2015).
