Gregory Richards: $500K Complaint Against Liberty Wealth Advisor

Gregory Richards (CRD# 1339012), a financial advisor in Scottsdale, Arizona, recently received an investor complaint alleging his advice led to six-figure damages. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Kingswood Capital Partners and Kingswood Wealth Advisors, respectively, doing business as Liberty Wealth Management. 

Mr. Richards’ BrokerCheck report discloses several investor complaints. The most recent, filed in April 2023, alleges that as a representative of Centaurus Financial, he misrepresented and recommended “highly speculative and illiquid investments” in corporate bonds, real estate, and oil and gas products. The pending complaint alleges damages of $499,999.

A second investor complaint, filed in April 2023, alleged that as a Centaurus representative, he “recommended risky, illiquid and speculative investments and breached his fiduciary duty.” In March 2024 the complaint reached a settlement of $140,000.

A third investor complaint, filed in July 2022, alleges that as a representative of Centaurus Financial and Benchmark Investments, he “recommended and misrepresented an unsuitable, high-risk and illiquid investment.” The complaint alleges further that he breached his fiduciary duty. The complaint recached a settlement of $32,500.

A fourth complaint, filed in 2018, alleged that Mr. Richards recommended unsuitable real estate and fixed annuity products while he was a representative of Centaurus Financial. The complaint reached a settlement of $23,000. In a comment on the complaint’s disclosure, Mr. Richards “categorically” denied any wrongdoing, adding: “The customer fully understood the characterstics [sic] of the investments purchased. He was certainly suitable for the investments based on the client’s financial situation, investment objective and risk tolerance leve[l].”

According to the Financial Industry Regulatory Authority, Gregory Richards holds 24 years of securities industry experience. Based in Scottsdale, Arizona, he has been a broker and an investment advisor with Kingswood Capital Partners and Kingswood Wealth Advisors, respectively. His past registrations include DST Wealth Management, Benchmark Investments, Centaurus Financial, Questar Capital Corporation, USAllianz Securities, and First American National Securities. His credentials include the passage of multiple securities industry qualifying examinations, including: the Investment Company Products/Variable Contracts Representative Examination, or Series 6TO; 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 holds 22 state licenses. (Information current as of August 27, 2024.)

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