Robert E. Richards— Aiding and Abetting Stock Price Manipulation, Execution of Suspicious Trades, Failure to Implement and Enforce a Supervisory System

New Orleans stockbroker fraud attorney

New Orleans stockbroker fraud attorney

Robert E. Richards Allegedly Aided and Abetted the Manipulation of Two Penny Stock Companies, Executed Suspicious Trade in the Same Companies, and Failed to Implement and Enforce a Proper Supervisory System

Robert E. Richards, from February 2005 until his voluntary termination in July 2014, allegedly aided and abetted the price manipulation of two penny stock companies, executed suspicious trades in said companies, and failed to implement and enforce a proper supervisory system, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC) currently under review by attorneys Alan Rosca and Joe Peiffer.

Robert E. Richards, who worked at Finance 500, Inc., allegedly aided and abetted the price manipulation of Dolphin Digital Stock (DPDM) by Robert Mouallem, a broker at a FINRA member firm, and two of Mouallem’s customers, the AWC notes.

Richards, also in 2010, allegedly aided and abetted the price manipulation of Fibrocell Science, Inc. (FCSC) by a trader at former FINRA-member John Carris Investments LLC (JCI), the AWC reports. The Peiffer Rosca Wolf securities lawyers are currently investigating Robert E. Richards and his alleged manipulation of two penny stocks.

Robert E. Richards Facing a Two-Year Suspension and a $25,000 Fine from FINRA

Richards allegedly made trades in both DPDM and FCSC and was purportedly reckless in failing to recognize that his actions were part of an overall course of conduct that was illegal or improper and also failed to inquire sufficiently into whether the trades were part of such a course of conduct, according to a recent AWC currently under review by attorneys Alan Rosca and Joe Peiffer.

As a result, Richards, who also allegedly failed to implement Finance 500’s AML procedures, and also failed to adequately supervise the Florida branch, violated NASD and FINRA Rules, and hence, is now facing a two-year suspension and $25,000 fine.

One should also note that, according to the AWC, Robert E. Richards neither admitted nor denied the FINRA findings.

Securities Lawyers Investigating

The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of the alleged manipulation of penny stocks, and are currently investigating Robert E. Richards and his alleged penny stock manipulation. 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 Robert E. Richards and his alleged penny stock manipulation may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1163 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.