Last Updated: October 2024 (San Diego, California)
Richard Keith Robertson Financial Advisor Fraud Alert
National securities fraud lawyers Patil Law P.C. are investigating broker Richard Keith Robertson (CRD #2233786), a former financial advisor with Triad Advisors LLC, who has faced serious regulatory actions related to fraudulent practices, including the misallocation of trades to benefit personal accounts.
Richard Keith Robertson (CRD #2233786) is a former financial advisor with over 28 years of experience, but his career has been marred by serious regulatory actions, including a permanent bar from the securities industry. The following sections outline his troubling history of “cherry-picking” fraud, unauthorized trades, and significant financial penalties, offering critical insights for any potential investors considering working with him.
Critical insights about San Diego, CA stockbroker Richard Keith Robertson
- Advisor Name: Richard Keith Robertson
- CRD: 2233786
- Location: San Diego, CA
- Former Employer: Triad Advisors LLC
- Classification: Stockbroker + Financial Advisor
- Primary Location: San Diego, CA
- Can Richard Robertson be sued in private FINRA arbitration?: Yes
- Has Mr. Robertson been barred by FINRA?: Yes
- Highest Amount of Ill-gotten Gains: $592,437
- Civil and Administrative Penalties/Fines: $300,000
If you have suffered investment losses in an account handled by Mr. Robertson or have a question about the performance of your account, please contact Attorney Patil online or at (800) 950-6553 for a free initial consultation.
Lost Money With Stockbroker Richard Keith Robertson?
In August 2022, the SEC initiated regulatory action against Richard Keith Robertson, resulting in a cease and desist order. The allegations included engaging in a practice known as “cherry-picking,” where Robertson disproportionately allocated profitable trades to personal accounts at the expense of his clients. This fraudulent activity took place between January 2011 and October 2020.
- Filing Date: August 10, 2022
- Case Number: 3-20954
- Ill-gotten Gains: $592,437
- Fines: $300,000
- Prejudgment Interest: $28,173.12
Allegations of Broker Misconduct Against Richard Keith Robertson
Customers and regulatory authorities have raised the following allegations against Richard Keith Robertson:
- Cherry-picking: Engaged in a fraudulent scheme where he allocated more profitable trades to personal and family accounts, while assigning less profitable trades to client accounts.
- Unauthorized Trades: Robertson has been accused of making unauthorized trades, including the use of margin, without prior consent from his clients.
These actions violate FINRA Rule 2111 (Suitability Rule), which requires brokers to act in their clients’ best interests when making investment recommendations. Robertson’s misconduct also breached Sections 10(b) of the Securities Exchange Act and Rules 10b-5(a) and (c), along with Sections 206(1) and 206(2) of the Advisers Act, as outlined in the SEC’s findings.
FINRA Rule 2111, the Suitability Rule, requires brokers to have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer, based on the customer’s financial situation, needs, and investment profile. This rule covers the three key obligations: reasonable-basis suitability (the recommendation must be suitable for at least some investors), customer-specific suitability (the recommendation must be appropriate for that particular customer), and quantitative suitability (ensuring that the number of recommended transactions is not excessive). Related rules include FINRA Rule 2090, the Know Your Customer Rule, which mandates that brokers understand their clients’ investment profiles to provide suitable advice.
Broker Experience Summary
Richard Keith Robertson (CRD #2233786) has worked in the securities industry for over 28 years. During his career, he has been registered with several brokerage firms, including Triad Advisors LLC (January 2019 – January 2021) and LPL Financial LLC (November 2010 – December 2018), both based in San Diego, CA. Over the years, Robertson has worked at eight different firms and was last employed at Triad Advisors LLC in San Diego.
Robertson has passed four general industry/product exams and two state securities law exams, qualifying him to work in various roles within the financial sector. His exams include the Securities Industry Essentials (SIE), the Series 7 General Securities Representative Examination, and the Series 65 Uniform Investment Adviser Law Examination. He has held state licenses in multiple states, including California and Kansas, though he is currently not registered with any firm or state.
Negative Disclosures & Regulatory Actions
Richard Keith Robertson has three disclosure events reported in his FINRA BrokerCheck file, consisting of one regulatory event, one investigation, and one customer dispute. Below is a summary of these disclosures:
- Regulatory Action (August 2022): The SEC brought a cease-and-desist order against Robertson for engaging in “cherry-picking” fraudulent practices, leading to ill-gotten gains of at least $592,437. He was fined $300,000 and permanently barred from associating with broker-dealers.
- Investigation (October 2020): The SEC initiated an investigation into Robertson’s personal and client trade allocations, which eventually led to the regulatory action mentioned above. This investigation is now closed.
- Customer Dispute (August 2002): A client alleged unauthorized margin trades, seeking $18,000 in damages. The case was closed without action, and the complaint was denied in March 2003.
Allegations & Accusations
Richard Keith Robertson has faced several allegations related to his professional conduct:
- “Cherry-picking” Fraud: Between January 2011 and October 2020, Robertson engaged in a scheme where profitable trades were disproportionately allocated to his personal and family accounts, while less profitable trades were assigned to certain clients. This practice was in violation of several federal securities laws, including Sections 10(b) and 206(1) and (2) of the Investment Advisers Act.
- Unauthorized Trades: Robertson faced a customer complaint in 2002 for executing unauthorized trades using margin, though this allegation was ultimately dismissed.
These allegations resulted in Robertson being permanently barred from associating with broker-dealers and facing significant financial penalties.
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have suffered investment losses in an account handled by Richard Keith Robertson or have a question about the performance of your account, please contact Attorney Patil online or at (800) 950-6553 for a free initial consultation.
Our cases are handled on a contingency basis. We don’t get paid unless we win for you.
