Barry Richter (CRD #: 1387197), an investment adviser in Pennsylvania, is facing an investor dispute alleging losses of $350,000, according to his BrokerCheck record, accessed on December 14, 2020. The details of this disclosure are provided below.
On September 18, 2020, a client alleged that Barry Richter recommended unsuitable investments for her risk tolerance and objectives. The client is seeking $350,000; the dispute is pending.
On January 4, 2018, clients alleged that their investments were concentrated in unsuitable securities. The dispute settled for $30,000.
On June 8, 2000, clients alleged that Barry Richter never advised them that the stepdown CDs they invested in had a 20-year maturity date, nor that the interest rate would step down after their first year. The dispute settled for $10,072.13.
On May 11, 2000, a client alleged that Mr. Richter told her she was investing in a certificate of deposit, when in fact she was investing in a bond. The client sought $17,000; the dispute settled for $5,000.
On April 10, 2000, a client alleged that Barry Richter misrepresented the terms of a stepdown CD. The client alleged that Mr. Richter assured him that the CDs would not have an early withdrawal penalty, but when he tried to sell his CDs before they matured, he learned he would incur a loss. The client sought $24,000; the dispute settled for $5,000.
Two other disputes alleged misrepresentation; these were collectively resolved for $25,000.
Barry Richter has passed the Series 63 Uniform Securities Agent State Law Examination, the Securities Industry Essentials Examination, and the Series 7 General Securities Representative Examination. He is a registered broker in Connecticut, Delaware, Florida, Louisiana, Maryland, Michigan, Missouri, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Virginia, Washington, and West Virginia.
In his 35 years in the securities industry, Barry Richter has worked for five firms:
- Raymond James & Associates (CRD #: 705)
- Morgan Stanley & Co (CRD #: 8209)
- Morgan Stanley DW (CRD #: 7556)
- UBS Painewebber (CRD #: 8174)
- Halpert, Oberst and Company (CRD #: 7094)
If Barry Richter was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta. Call (877) 238-4175 or email email@example.com for a free case consultation with a securities attorney.