SW Financial Advisor, Richard J. Coleman, Has Three Regulatory Disclosures And Eleven Customer Complaints Disclosed On His CRD
Richard James Coleman (CRD # 2720422) is a Financial Advisor at SW Financial in Melville, NY. Richard Coleman has been in the securities industry since 1996 and previously worked at Richard James & Associates, Salomon Whitney Financial, Legend Securities, Tryco Securities, Brookville Capital Partners, John Thomas Financial, Woodstock Financial Group, Rockwell Global Capital, Aura Financial Services, A&F Financial Securities, New Castle Financial Services, Benson York Group, LH Ross & Co., Granite Associates, Continental Broker-Dealer Corp, Gunnallen Financial, Harrison Securites, Whitehall Wellington Investments, and Gaines, Berland.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in August 2019, FINRA suspended Richard Coleman from acting as a broker or otherwise associating with a broker-dealler for two years and ordered him to pay $139,930 in restitution for allegations that he “excessively traded customers’ accounts.”
For a copy of the FINRA sanction, click https://brokercheck.finra.org/individual/summary/2720422.
Richard Coleman has two additional regulory disclosures and eleven customer complaints reported on his CRD, including the following allegations:
- July 2019 – “Unauthorized trading, high commissions.” The customer alleged damages of $20,000.
- January 2019 – “Claimant asserts negligence, breach of contract, breach of fiduciary duty, excessive trading, unsuitability and frand.” The alleged damages are $85,000.
- January 2011 – “UNSUITABILITY.” The matter settled for $210,000.
- November 2008 – “FIRM RECEIVED A LETTER FROM CLIENT’S ATTORNEY ALLEGING THAT UNSUITABLE INVESTMENTS AND EXCESSIVE TRADING TOOK PLACE FROM AUGUST THROUGH SEPTEMBER 2008.” The matter settled for $25,000.
- December 2007 – “POOR PERFORMANCE.” The matter settled for $100,000.
For a copy of Richard Coleman’s BrokerCheck report, click https://brokercheck.finra.org/individual/summary/2720422.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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