Switch to ADA Accessible Theme
Close Menu
Free Consultation: 888-976-6111

$5 Million Complaint Against Seal Beach Advisor Richard Skelton

A recent investor complaint against Woodbury Financial Services advisor Richard Skelton (CRD# 4782331) alleges that his investment advice led to seven-figure losses. Financial Industry Regulatory Authority records show that Mr. Skelton is a broker and investment advisor based in Seal Beach, California. 

Mr. Skelton’s BrokerCheck report discloses one investor complaint against him. Filed in June 2022, the complaint alleges that as a representative of Woodbury Financial Services, he recommended unsuitable securities and over-concentrated the claimants’ account in alternative investments. The pending complaint alleges damages of more than $5 million.

For reference, “over-concentration,” also referred to as lack of diversification, is the investment equivalent of putting too many eggs in one basket, according to FINRA’s investor resources. Th regulator advises that investors can avoid the risks of over-concentration by diversifying their portfolios across and within major asset classes, rebalancing on a regular basis, conducting due diligence into the underlying stocks or bonds in any mutual funds and exchange-traded funds they’re investing in, and pay close attention to the liquidity of their various investments.

According to the Financial Industry Regulatory Authority, Richard Skelton holds 18 years of securities industry experience. Based in Seal Beach, California, he has been a broker and investment advisor with Woodbury Financial Services since 2004 and 2010, respectively. His credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Arizona, California, Colorado, Florida, Georgia, Hawaii, Idaho, Massachusetts, Michigan, Nevada, New Mexico, New York, North Carolina, Ohio, Rhode Island, Texas, and Washington. (Information current as of July 10, 2022.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.

Facebook Twitter LinkedIn
Contact Us For A Free Case Evaluation
Latest Blog Posts
  • Steven Hirata: FINRA Sanctions, Bars Ex-PFS Investments Advisor

    Former Fresno financial advisor Steven Hirata (CRD# 1188927) was recently sanctioned by the Financial Industry Regulatory Authority for allegedly refusing...

    Read More
  • Rod Thomas: GPB Auto Complaint Against Former SCF Securities Advisor

    Boca Raton financial advisory Rod Thomas (CRD# 4010563) recommended an unsuitable investment in GPB Automotive, according to a recent investor...

    Read More
  • Scott Brooks: GPB Capital Complaint Against Gold Coast Advisor

    San Clemente, California financial advisor Scott Brooks (CRD# 3235252) recently received an investor complaint alleging he engaged in negligence and...

    Read More
  • SEC Charges Against Western International Securities: GWG L Bonds

    The US Securities and Exchange Commission has filed charges against Western International Securities and five of the firm’s brokers: Nancy...

    Read More
  • Previous
  • Next