Erez Law is investigating claims regarding Richard Ohlhaber (CRD #2154794). Ohlhaber accepted FINRA’s Offer of Settlement, in which he was barred from association with any FINRA member in any capacity. See FINRA Case #2012032077901.Ohlhaber was registered with Century Securities Associates, Inc., from April 9, 2007 through May 2008, and Southwest Securities, Inc. (Southlake, Texas) from May 2008 until his termination in March 2012. After his termination, Ohlhaber was associated with FSC Securities Corp. (Grapevine, Texas), Kovack Securities (Fort Lauderdale, Florida), IMS Securities (Houston, Texas) and International Assets Advisory, LLC (Orlando, Florida).
FINRA found that from 2007 through 2009, Ohlhaber recommended that customers purchase life settlement contracts offered by Life Partners, Inc. (Life Partners) and assisted customers with those purchases for compensation. FINRA further found that Ohlhaber failed to notify his employing member firms of his involvement with the sale of Life Partners life settlement contracts, in violation of NASD Rules 3030 and 2110 and FINRA Rule 2010. FINRA also found that Ohlhaber provided false investigative testimony while under oath regarding whether customers had initiated conversations regarding Life Partners investments.
The SEC previously fined Ohlhaber $50,000 and barred him from association in a supervisory capacity for three years for allegedly failing to supervise registered representatives who had a history of disciplinary actions or customer complaints.
Pursuant to FINRA Rules, Century Securities Associates and Southwest Securities were responsible for properly supervising Ohlhaber’s activities during the time Ohlhaber was registered with the firm. Therefore, Century Securities Associates and Southwest Securities may be liable for investment or other losses suffered by Ohlhaber’s customers.
If you were a client of Ohlhaber, Century Securities Associates or Southwest Securities, and have suffered investment losses or financial irregularities, please contact Erez Law to explore your legal options. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 888-840-1571 or complete our “contact form.”
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