Advisor Alert: Our Attorneys Are Investigating Richard John Belz For Investment Fraud
Did You Lose Money Because of Richard Belz?
Filed: March 4, 2024
Richard Belz has been the subject of ten (10) customer complaints and one (1) regulatory event. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Richard John Belz.
Who Is Richard John Belz of R.F. Lafferty & Co., Inc.?
- Advisor Name: Richard John Belz
- Aliases: Richard Belz
- CRD: 1140219
- Location: New York, New York
- Current Employer: R.F. Lafferty & Co., Inc.
- Previous Firms: Westpark Capital, Inc., Newport Coast Securities, Inc., and Regal Securities, Inc.
- Number of Known Customer Complaints: 10
- Number of Known Regulatory Events: 1
- Can Richard Belz Be Sued: Yes, in Private Arbitration
- Can Richard Belz’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $510,000
- Highest Settlement: $125,000
If you have suffered investment losses by Richard Belz, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining an investment fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Richard Belz For Broker Misconduct
As of this publication date, Richard Belz has been the subject of 10 customer disputes and 1 regulatory event. Let’s review them below.
In July 2022, a FINRA arbitration was filed against or in reference to Richard Belz by a customer of R.F. Lafferty & Co., Inc. alleging unsuitable investments and misrepresentation in the purchase of two 40k GWG bonds in August 2019. Per the customer, he/she lost over $90,000 because of Mr. Belz’s actions. On August 3, 2022, Mr. Belz settled the claim for $40,000.
In February 2022, a complaint was filed against or in reference to Richard Belz by a customer of R.F. Lafferty & Co., Inc. alleging that the client requested the sale of an illiquid Bond Position. There wasn’t an active market to complete the sale. Per the customer, he/she lost over $95,000 because of Mr. Belz’s actions. On May 11, 2022, Mr. Belz settled the claim for $95,000.
In September 2012, a complaint was filed against or in reference to Richard Belz by a customer of Newport Coast Securities, Inc. alleging poor performance. Per the customer, he/she lost over $22,000 because of Mr. Belz’s actions. On January 15, 2013, Mr. Belz settled the claim for $5,000, and some or all of this amount may have been paid by Mr. Belz’s employer and/or insurance carrier.
In June 2009, a FINRA arbitration was filed against or in reference to Richard Belz by a customer of Basic Investors, Inc. alleging lack of suitability and churning. Per the customer, he/she lost over $59,115 because of Mr. Belz’s actions. On November 9, 2009, Mr. Belz settled the claim for $20,000.
In April 2009, a FINRA arbitration was filed against or in reference to Richard Belz by a customer of Basic Investors, Inc. alleging unsuitability and churning. Per the customer, he/she lost over $100,000 because of Mr. Belz’s actions. On May 21, 2009, Mr. Belz settled the claim for $10,000, and some or all of this amount may have been paid by Mr. Belz’s employer and/or insurance carrier.
In March 2009, FINRA initiated a regulatory action against or in reference to Richard Belz for failing to maintain required net capital while conducting a securities business. Belz prepared and maintained inaccurate financial documentation on behalf of his firm.
In January 2009, a FINRA arbitration was filed against or in reference to Richard Belz by a customer of Basic Investors, Inc. alleging that Mr. Belz fabricated monthly statements and executed trades that were unauthorized and excessive. Per the customer, he/she lost over $320,000 because of Mr. Belz’s actions. On May 3, 2010, Mr. Belz settled the claim for $9,999.
In November 2008, a FINRA arbitration was filed against or in reference to Richard Belz by a customer of Basic Investors, Inc. alleging that he was an unsophisticated investor and the registered representative Mr. Stern churned his account. Mr. Belz was named as a control person along with all the other principals of basic investors. Per the customer, he lost over $510,000 because of Mr. Belz’s actions. On January 27, 2010, Mr. Belz settled the claim for $14,250, and some or all of this amount may have been paid by Mr. Belz’s employer and/or insurance carrier.
In August 2005, a NASD arbitration was filed against or in reference to Richard Belz by a customer of Basic Investors, Inc. alleging that the investments made by Mr. Belz were not suitable for the client’s portfolio. Per the customer, he lost over $109,000 because of Mr. Belz’s actions. On November 21, 2005, Mr. Belz settled the claim for $29,500, and some or all of this amount may have been paid by Mr. Belz’s employer and/or insurance carrier.
In March 2005, a complaint was filed against or in reference to Richard Belz by multiple customers of Basic Investors, Inc. alleging that Mr. Belz did not follow their instructions of being cautious and prudent with their finances. The clients allege that Mr. Belz invested in stocks that were highly speculative and risky. Per the customers, they lost over $40,000 because of Mr. Belz’s actions.
In May 1997, a NASD arbitration was filed against or in reference to Richard Belz by a customer of Redstone Securities Inc. alleging breach of contract, churning, and unsuitable investments. Per the customer, he/she lost over $275,000 because of Mr. Belz’s actions. On August 8, 1997, Mr. Belz settled the claim for $125,000, and some or all of this amount may have been paid by Mr. Belz’s employer and/or insurance carrier.
How To File A Claim Against Richard Belz of R.F. Lafferty & Co., Inc. (previously with Westpark Capital, Inc., Newport Coast Securities, Inc., and Regal Securities, Inc.) To Get Your Money Back
If you have questions about Richard Belz, R.F. Lafferty & Co., Inc., Westpark Capital, Inc., Newport Coast Securities, Inc., Regal Securities, Inc., or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.