FINRA Seeks to Bar Richard Cody of Spring Lake, New Jersey
Have you lost money with financial advisor Richard Cody and Jill Cody of Spring Lake, New Jersey and formerly of Boston, Massachusetts? We are continuing our investigation into allegations made by the Securities and Exchange Commission (SEC) against Richard G. Cody, a former registered representative of Westminster Financial Services, Concorde Investment Services, and IFS Securities. The SEC recently brought a complaint against Cody, alleging that he committed fraud by concealing that his customers had suffered massive losses in their accounts.
On December 22, 2016, the SEC obtained a preliminary injunction and asset freeze against Richard Cody. His assets are frozen until further notice.
In late February 2017, FINRA (the Financial Industry Regulatory Authority) barred Jill Cody, also known as Jill Tramontano, after it was alleged that she aided her husband, Richard, to engage in securities business after he was suspended from the securities industry.
In April 2017, FINRA has sought to bar Richard Cody from the securities industry. FINRA alleged that Cody has failed to respond to its investigation into this conduct.
Richard Cody was allegedly doing business as Boston Investment Partners, LLC. He concealed that his customers’ accounts had suffered massive losses and that the monthly payments they were receiving were draining the accounts. He concealed this by making material misstatements to the customers and also sending them false tax forms. In one instance, Cody had told a couple that they had $1.28 million in an account when they only had $162,000.
Richard Cody was a financial advisor and registered representative of Westminster Financial Services from March 2010 to March 2013; of Concorde Investment Services from March 2014 to August 2016; and of IFS Securities from August 2016 to September 2016. He worked at branch offices in Boston; Providence, Rhode Island; and Spring Lake, New Jersey. According to BrokerCheck, Cody has been the subject of six customer complaints, a one-year suspension by the NASD in 2008, and a $16,775 tax lien in 2012.
Jill Cody was a registered representative of Westminster Financial Services from December 2012 to January 2013 and with Concorde Investment Services from January 2013 to August 2016. She is also the subject of numerous customer complaints.
Brokerage firms like Westminster Financial Services, Concorde Investment Services, and IFS Securities have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado, the Seattle area, and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including numerous investors in Massachusetts and the Boston area in the past.
Click to view: Cody, Jill FINRA AWC (1)
Click to view: Cody, Richard BrokerCheck 12.15.16 (3)
Click to view: Cody, Richard SEC Complaint (3)
Click to view: Cody, Richard FINRA Complaint
If you lost money with Richard Cody, Jill Cody, Boston Investment Partners, Westminster Financial Services, Concorde Investment Services, or IFS Securities, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.