Richard Altman: $340K Theft Complaint Against Merrill Advisor

Jacksonville, Florida financial advisor Richard Altman (CRD# 6573517) recently received an investor complaint alleging that his conduct resulted in damages exceeding $300,000. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Merrill Lynch.

Mr. Altman’s BrokerCheck report discloses one investor complaint. Filed in in March 2025, it alleged that as a representative of Merrill Lynch, he stole a customer’s funds. The complaint alleged $340,000 in damages and was closed with no action undertaken.

As investors may be aware, the misappropriation of clients funds may be considered a violation of FINRA Rule 2150. This rule stipulates that FINRA-associated persons shall not “make improper use of a customer’s securities or funds.” The theft of funds may also violate FINRA Rule 2010, which states that that brokers like Mr. Altman  must “observe high standards of commercial honor and just and equitable principles of trade” in the conduct of their business. Brokers who violate these rules may be found liable for damages and/or subject to disciplinary action by FINRA or author industry regulators.

According to the Financial Industry Regulatory Authority, Richard Altman holds nine years of securities industry experience. Based in Jacksonville, Florida, he has been registered as a broker and an investment advisor with Merrill Lynch since 2016. He has no previous registrations. His credentials include the passage of three securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; and the Uniform Combined State Law Examination, or Series 66. He holds 55 state licenses. (Information current as of April 12, 2025.)

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.