Richard McCollam, formerly of National Planning Corp., Suspended Nine Months by FINRA
Have you lost money with financial advisor Richard McCollam of Lafayette, California? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Richard A. McCollam. FINRA was investigating Richard McCollam regading allegations that he willfully failed to disclose two customer arbitrations and seven customer complaints to FINRA. In May 2017, McCollam was suspended for nine months from the securities industry and ordered to pay a $10,000 fine.
Richard McCollam was a financial advisor and registered representative of National Planning Corp. from April 2012 to January 2013. He also was affiliated with SII Investments from August 2010 to March 2012. He worked at branch offices in Lafayette and San Ramon, California. McCollam has been the subject of at least 25 customer complaints, according to FINRA’s BrokerCheck.
Brokerage firms like National Planning Corp. 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 California and throughout the greater San Francisco area. Our attorneys have represented over one thousand investors against many brokerage firms in the past.
Click to view: McCollam, Richard FINRA Order 5.17.17
Click to view: McCollam, Richard FINRA Order
Click to view: McCollam, Richard BrokerCheck 5.17.17
If you lost money with Richard McCollam or National Planning Corp., please CONTACT US at 206-795-5798 or 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.