HOWARD DEEN RICHARDS - Investment Adviser

Investment Adviser Public Disclosure SEC and NASAA logo Image

Investment Adviser Search
Investment Adviser Data
Form ADV Data
Resources
Investment Advisor Representative
Report Summary

Individual
Firm

When communicating online or investing with any professional, make sure you know who you’re dealing with. Imposters might link to sites like BrokerCheck from phishing or similar scam websites, or through social media , trying to steal your personal information or your money. Please contact FINRA with any concerns.

< Back to Results

Detailed ReportReport

HOWARD DEEN RICHARDS

CRD#: 2172691

Previous Investment Adviser

Previous Broker

BARRED BY FINRA OR THE SEC

The SEC has barred this individual from acting as a broker or investment adviser or otherwise associating with firms that sell securities or provide investment advice to the public.

The representative was previously registered both as an investment adviser and as a broker. Visit BrokerCheck for more information on this individual's Broker record. Go to BrokerCheck Site

Licenses

Licenses

0 Licenses

Registration History

Disclosure(s)

View By:

9/30/2015

Regulatory

Final

Initiated By

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Allegations

SEC Admin Release 34-76058/IA Release 4212/IA Company Act Release 31854/September 30, 2015: The Securities and Exchange Commission ("Commission") deems it appropriate and in the public interest that public administrative and cease-and-desist proceedings be, and hereby are, instituted pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934 ("Exchange Act"), Sections 203(f) and 203(k) of the Investment Advisers Act of 1940 ("Advisers Act"), and Section 9(b) of the Investment Company Act of 1940 ("Investment Company Act") against Howard Richards. From January 2010 through July 2013, Richards, an investment advisory representative associated with an investment adviser firm engaged in a manipulative scheme to support the market price of the common stock of a company, which he thought would help the company to obtain financing. Richards learned from the company's vice-president of finance that significant financing deals were dependent upon sustaining a sufficient market price for the company's stock. Richards manipulated the price of the stock by causing his clients' accounts to purchase shares at higher prices when its price fell below a certain level. Richards caused his clients to invest over $1 million in shares of the stock during this period. In furtherance of the scheme, Richards frequently marked the close by executing the last transaction in the stock on the days he traded. To affect the supply of the company's stock into the market and prevent downward pressure on the price, Richards convinced clients and other shareholders to not sell the stock and, when he could not prevent sales by clients, he placed orders simultaneously for other clients to buy the stock. In breach of his fiduciary duty as an investment adviser, Richards also failed to disclose to clients significant conflicts of interest arising from his ownership of company shares, personal loans to the company's officers, payment of company expenses, and his editing and providing content for the company's shareholder communications, before he bought shares of the company for them. As a result of his conduct, Richards willfully violated Section 10(b) of the Exchange Act and Rule 10b-5 thereunder and willfully aided and abetted and caused his investment adviser firm's violations of Sections 206(1) and 206(2) of the Advisers Act.

Resolution

Order

Bar

Bar (Permanent)

Registration Capacities Affected

See comments

Duration

Indefinite

Start Date

9/30/2015

Registration Capacities Affected

Participating in any offering of a penny stock

Duration

Indefinite

Start Date

9/30/2015

Sanctions

Cease and Desist

Sanctions

Civil and Administrative Penalty(ies)/Fine(s)

Amount

$75,000.00

Sanctions

Disgorgement

Amount

$62,000.00

Sanctions

Monetary Penalty other than Fines

Amount

$7,000.00

Sanctions

Prohibition

Previous Registration(s)

th hidden text	th hidden text	Name	Location
IA	09/24/2008 - 10/23/2015	SECURUS WEALTH MANAGEMENT, LLC (CRD#:138919)	PLYMOUTH, MN
IA	01/02/2014 - 01/29/2014	NFP SECURITIES, INC. (CRD#:42046)	PLYMOUTH, MN
IA	03/28/2005 - 12/31/2006	CAMBRIDGE INVESTMENT RESEARCH ADVISORS, INC. (CRD#:134139)	LONG LAKE, MN
IA	02/07/2005 - 03/28/2005	CAMBRIDGE INVESTMENT RESERARCH, INC. (CRD#:39543)	PLYMOUTH, MN

SECURUS WEALTH MANAGEMENT, LLC (CRD#:138919)

PLYMOUTH, MN

09/24/2008 - 10/23/2015

NFP SECURITIES, INC. (CRD#:42046)

PLYMOUTH, MN

01/02/2014 - 01/29/2014

CAMBRIDGE INVESTMENT RESEARCH ADVISORS, INC. (CRD#:134139)

LONG LAKE, MN

03/28/2005 - 12/31/2006

CAMBRIDGE INVESTMENT RESERARCH, INC. (CRD#:39543)

PLYMOUTH, MN

02/07/2005 - 03/28/2005

For additional information about investment advisers or broker-dealers, please visit

www.investor.gov

Broker

A brokerage firm, also called a broker-dealer, is in the business of buying and selling securities – stocks, bonds, mutual funds, and certain other investment products – on behalf of its customer (as broker), for its own bank (dealer), or both. Individuals who work for broker-dealers - the sales personnel are commonly referred to as brokers.

Investment Adviser

An investment adviser is paid for providing advice about securities to clients. In addition, some investment advisers manage investment portfolios and offer financial planning services.

Disclosures

Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.