Investment Loss Options for Clients of Former MSI Financial Services, Inc. Broker Richard Mukomela
Posted on Monday, September 13th, 2021 at 9:01 pm
Erez Law is currently investigating former MSI Financial Services, Inc. broker Richard Mukomela (CRD# 4370556) regarding customer investment losses. Mukomela has been registered with MML Investors Services, LLC in Plymouth, Minnesota since 2017. Previously, Mukomela was registered with MSI Financial Services, Inc. in Minnetonka, Minnesota from 2014 to 2017.
Mukomela has been the subject of four customer complaints between 2003 and 2021, two of which were denied, according to his CRD report. The most recent complaint is regarding:
April 2021. “The complainants allege that in 2014, they were solicited by the rep to invest in a REIT and were told that it was a solid, asset backed investment that would pay consistent income with principal protection. They have since learned that income is no longer being paid, it is non-traded, rated below investment grade and is subject to volatility, which has caused them to be financially damaged.” The customer is seeking $100,000 in damages and the case is currently pending. The complaint was regarding real estate investment trust (REIT) losses and took place while Mukomela was registered with MSI Financial Services, Inc.
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, MSI Financial Services, Inc. may be liable for investment or other losses suffered by Mukomela’s 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.