Former RBC Capital Markets Financial Advisor Terry Rider Has $5 Million Pending Customer Complaint
Posted on Saturday, January 5th, 2019 at 10:53 am
Were you the victim of former RBC Capital Markets financial advisor Terry Rider (CRD# 2724817)? Rider was registered with Wells Fargo Clearing Services, LLC in Houston, Texas from April 20-25, 2017 and previously with RBC Capital Markets, LLC in Sugar Land, Texas from 2005 to 2017.
Rider has been the subject of four customer complaints between 2009 and 2017, one of which was closed without action, according to his CRD report:
December 2017. “Clients allege the representative produced unrealistic forecasts which led them to believe they had sufficient funds to last about 20 years. They also allege he misrepresented the nature of a variable annuity rider. Time frame is 2007 – 2017.” The customer sought $1.7 million in damages and the case was settled for $160,000.
September 2017. “Client alleges outgoing wire transfers from his RBC Wealth Management account to a bank account belonging to a third party resulted in significant financial losses. Time period is 2010-2017.” The customer is seeking $5 million in damages and the case is currently pending.
July 2009. “Client alleges firm misrepresented Lehman Bros Pref Stock in 2008, and broker recommended its purchase.” The customer sought $109,000 in damages ad the case was settled for $75,000. This case was regarding common and preferred stocks.
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, RBC Capital Markets, may be liable for investment or other losses suffered by Rider’s customers.
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