Massachusetts fines United Planners $100,000 in real estate scam case

Massachusetts fines United Planners $100,000 in real estate scam case
Regulator also fines broker Thomas T. Riquier $50,000 and bars him.
FEB 19, 2019

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. (More:Galvin fine on Summit Equities raises questions over all adviser technology) 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.

Latest News

In this hi-tech world of finance, JPMorgan has an old school strategy to woo HNWs
In this hi-tech world of finance, JPMorgan has an old school strategy to woo HNWs

Wealth management is a key focus for a new service tier.

5 best practices to brand your process & win more busines
5 best practices to brand your process & win more busines

Advisors can set their practice apart and win more business with a powerful graphic describing their unique business and value proposition.

Industry, financial experts sound off after DOL walks back crypto warning for 401(k)s
Industry, financial experts sound off after DOL walks back crypto warning for 401(k)s

The Labor Department's reversal from its 2022 guidance has drawn approval from crypto advocates – but fiduciaries must still mind their obligations.

Autopilot surges to $750M AUM, touts RIA growth as users copy Pelosi, Buffett trades
Autopilot surges to $750M AUM, touts RIA growth as users copy Pelosi, Buffett trades

With $750 million in assets and plans to hire a RIA Growth Lead, Autopilot is moving beyond retail to court advisors with separately managed accounts and integrations with RIA custodians such as Schwab and Fidelity.

RIA wrap: Former Procyon advisors launch Third View, ex-Rochdale CEO resurfaces in New York
RIA wrap: Former Procyon advisors launch Third View, ex-Rochdale CEO resurfaces in New York

Elsewhere on the East Coast, a Boca Raton-headquartered shop has acquired a fellow Florida-based RIA in "a natural evolution for both organizations."

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave

SPONSORED The evolution of private credit

From direct lending to asset-based finance to commercial real estate debt.