Massachusetts fines United Planners $100,000 in real estate scam case
Regulator also fines broker Thomas T. Riquier $50,000 and bars him.
Massachusetts securities regulators have fined United Planners Financial Services of America $100,000 for failure to supervise one of its brokers, Thomas T. Riquier, in connection with a complex real estate scheme that defrauded investors and other clients out of at least $1 million over a 26-year period.
Mr. Riquier was charged on Feb.14, 2018 with violating Massachusetts securities laws in connection with the scheme, in which investors were told that the property Mr. Riquier was buying for them would be sold for a profit; in reality, the investments were used to purchase property he already owned.
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As of the filing of the complaint, the property had not provided any return on the money invested. The complaint further alleged that Riquier solicited more than $800,000 in private loans from his clients, in violation of state and federal laws.
Under the terms of the order, the state said that Mr. Riquier and United Planners will jointly make offers of rescission and restitution to investors. Mr. Riquier also will be censured, permanently barred from registering with the state and with the Securities and Exchange Commission, and will pay a fine of $50,000.
United Planners permitted Mr. Riquier to resign last March.
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