Ricky Eugene Bell Barred For Soliciting Customers into Outside Lending Program, Borrowing Money Without Proper Notification, Allegedly
Ricky Eugene Bell, formerly registered at Cape Fear Securities, Inc. (CFS), Fayetteville, North Carolina, failed to inform CFS of an arbitration claim filed against him by his prior firm, for borrowing funds from several clients, not disclosing the loans to CFS, and failing to adequately perform client service functions, a FINRA Department of Enforcement Complainant alleges. CFS terminated Bell, who was registered with the firm from June 2012 through December, 2013, and is no longer currently associated with any FINRA member.
Bell Offered Investment Opportunities to “Select Customers and Closest Friends”
Ricky Eugene Bell solicited CFS customers to invest in an outside “lending program”, referred to by Mr. Bell as HLT Investments, and offered the investment opportunity to his “select customers and closest friends,” according to the FINRA Complaint. The Complaint further alleges that Bell received a total of approximately $247,500 from customer investments, and that he also borrowed approximately $19,650 from firm customers without permission or firm approval. Bell told customers that HTL would use investor funds to provide high-interest loans to small businesses, and these loans would purportedly generate profits to the investors, the Complaint alleges. Bell made interest payments to the customers by writing checks which he then asked customers to refrain from cashing, and to consider them as collateral, in case the lending program failed, the FINRA Complaint reports. Bell reportedly has not returned any of the $247,500 from investors, in violation of FINRA Rules. FINRA has ordered Bell to pay restitution of $19,650 to the customers whom he borrowed money from, and has been barred from any association with any FIRNA member firm, the Complaint notes.
Investment Fraud Lawyers Investigating
The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.
Broker: Ricky Eugene Bell
Status: INVESTIGATED by Peiffer Rosca.
For brokercheck report and additional info click here!