Erez Law is currently investigating TCFG Wealth Management, LLC broker Richard Roberts (CRD# 2145874) regarding Delaware Statutory Trusts (DST) losses. He has been registered with TCFG Wealth Management, LLC in Laguna Niguel, California, since 2012.
In September 2021, the Securities and Exchange Commission (SEC) sanctioned him to pay $287,752.97 in disgorgement following allegations that he made materially false and misleading statements to TCFG’s advisory clients between January 2014 and April 2020. The SEC found that “The defendants defrauded the TCFG clients by falsely disclosing that TCFG Wealth Management “may” receive portions of the fees charged to TCFG accounts by its third party clearing and custody firm (“Clearing Broker”) when, in fact, Roberts had directed Clearing Broker to charge TCFG clients an additional fee markup that was paid to TCFG Wealth Management. Roberts and TCFG further knew, or were reckless and negligent for not knowing, that the marked up portion of the fee was passed on to TCFG’s clients approximately 60 percent of the time.” Additionally, the SEC found that he and TCFG made other materially false and misleading statements to TCFG’s clients regarding the fee markups and failed to disclose adequately the conflicts of interest they created for defendants. Roberts used his positions as the chief operating officer, president, managing member and, at times, chief compliance officer of TCFG Wealth Management to substantially assist and further this fraudulent conduct and the violations of the fiduciary duties he and TCFG owed to TCFG’s clients.”
Richard Roberts Customer Complaints
He has been the subject of one customer complaint, according to his CRD report:
March 2026. “Claimant alleges that, at an unspecified time after September 2022, a former registered representative of the Firm recommended overconcentrated positions in unsuitable Delaware Statutory Trusts (“DSTs”), which were designed to (and did) provide tax benefits in the form of delayed or avoided capital gains taxes following Claimant’s recent sale of real estate property. As to the registered representative and/or the Firm, Claimant asserts claims for breach of fiduciary duty, negligence, negligent supervision, fraud, breach of contract, violation of the Securities Exchange Act, and violation of the Florida Securities and Investor Protection Act. As to Mr. Roberts, Claimant asserts only a single claim for liability under the Securities Exchange Act, based solely on conclusory allegations of status as a “control person” of the Firm.” The case is currently pending.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, TCFG Wealth Management, LLC may be liable for investment or other losses suffered by Richard Roberts’ customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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