Curtis Ridlon from Bedford, New Hampshire and Waddell & Reed Barred from Securities Industry and Fined Over $6 Million
Have you lost money with financial advisor Curtis Ridlon of Bedford, New Hampshire? We are investigating allegations made by the New Hampshire Securities Bureau against Curtis S. Ridlon. New Hampshire alleged that Ridlon had improperly charged over 80 clients a total of $2.8 million in annual management fees, which New Hampshire deemed to be excessive and unnecessary.
Ridlon had engaged in this conduct while he was affiliated with Waddell & Reed, which also was the subject of a New Hampshire complaint regarding excessive management fees. New Hampshire ordered Ridlon to pay $1.3 million in restitution to victims, disgorgement of $1.5 million in ill-gotten gains, an administrative fine of $3.2 million, and costs of $200,000. It is unclear whether Ridlon has paid the total of $6.2 million in fines, disgorgement, and costs.
Curtis Ridlon was a financial advisor and registered representative of Waddell & Reed from 1985 to October 2016. He worked at a branch office in Bedford, New Hampshire. Ridlon currently has two customer complaints on his record, including one customer who complains about losses in gold mutual funds.
Brokerage firms like Waddell & Reed 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 and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in New Hampshire in the past. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including Waddell & Reed. We have also represented investors who lost money in gold (and other precious metals) investments and mutual funds.
Click to view: Waddell & Reed New Hampshire Order
Click to view: Ridlon, Curtis New Hampshire Order
Click to view: Ridlon, Curtis BrokerCheck 7.3.17
If you lost money with Curtis Ridlon or Waddell & Reed, please CONTACT US at 206-795-5798 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.