PALM CITY, FL
Have you lost money with financial advisor Richard Shelley from Palm City, Florida? We are looking into allegations made by FINRA (the Financial Industry Regulatory Authority) against Richard Shelley. FINRA suspended Shelley from the securities industry for one month and fined him $5,000. Shelley was being investigated regarding allegations that he sold an investment in Future Income Payments (FIP). FIP ceased doing business in 2018, and the founder of FIP has been charged with fraud.
Richard Shelley was a registered representative and financial advisor with Packerland Brokerage Services from 2002 to December 2020. He worked out of a branch office in Palm City, Florida.
Broker-dealers like Packerland Brokerage Services have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; Phoenix, Arizona; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Florida. Attorney David Neuman is licensed to practice law in Florida. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against Packerland Brokerage Services.