If you have lost money in the stock market due to fraud, misrepresentation, negligence, or for other reasons, we can help you. We have successfully recovered over $250 million in FINRA securities arbitrations.*
Need Legal Help? Contact Us. Call +1 (888) 997-9956
Our law firm is investigating New York Life Securities, LLC (“NYLIFE”) relating to the conduct of former NYLIFE broker Richard Allan Schwartz a/k/a Richard Allan Schack (“Schwartz”), and the supervision of his activities. In October of 2013, the Kokomo Tribune in Indiana reported that State officials filed an emergency petition to freeze some of now-deceased Kokomo “wealth manager” Richard Schwartz’ assets. State officials alleged that Schwartz was running a multi-million-dollar Ponzi scheme. Schwartz ran RAS & Associates which used to be located at 1932 S. Dixon Road in Kokomo, IN. The Kokomo Tribune reported that Schwartz committed suicide on August 21, 2013 in Simpsonville, KY.
Valerie Kroeger, a spokeswoman for the Indiana Secretary of State’s office was “confident” that Schwartz was running a Ponzi-scheme, and added, “When we started looking into this, we received a large number of complaints from investors, saying there was a failure to pay. That’s typical with this sort of thing.” “They receive monthly interest payments, and all of the sudden it starts to fall off, because [the schemer] can’t keep new investments coming in.” It has been alleged that victims have sustained losses between $5 million to $10 million, or possibly more. Victims are said to be located all over the country.
According to FINRA’s BrokerCheck, during the time period of August 2000 through April 2012, Schwartz was registered with NYLIFE. Under FINRA Rules, NYLIFE was obligated to properly supervise the activities of Schwartz during the time he was registered with the brokerage firm. Accordingly, NYLIFE may be liable for failing to supervise Schwartz’s activities while registered at the firm, and could potentially be responsible for compensating customers of Schwartz for their losses.
Customers of Richard Allan Schwartz a/k/a Richard Allan Schack who sustained losses are encouraged to contact our law firm to explore their legal rights and options. Our law firm can be reached, toll free, at 888-997-9956.