Jim Raper: $4 Million Complaint Against WealthForge Advisor

Richmond financial advisor Jim Raper (CRD# 5721253) is involved in an investor dispute alleging $4 million in damages stemming from a real estate offering sponsored by Nelson Partners. Financial Industry Regulatory Authority records show that he is the Chief Compliance Officer at WealthForge Securities.

Mr. Raper’s BrokerCheck report discloses two investor complaints. Both filed in January 2023, the complaints allege failure to make material disclosures, “failure to conduct suitability,” supervisory failures, negligence, failure to conduct reasonable due diligence, breach of contract, breach of fiduciary duty, misrepresentations, and omissions relating to a private placement real estate offering sponsored by Nelson Partners. Both complaints remain pending. One alleges damages of $4,108,931.83, while the other alleges damages of $2,523,243.13.

Both pending complaints disclosed on Mr. Raper’s BrokerCheck report include a “Broker Comment” noting that he is WealthForge’s Chief Compliance Officer. “As CCO, he is responsible for the Firm’s compliance program,” the comment states, noting that the firm participated in in the offering of a Delaware Statutory Trust structure sponsored by Nelson Partners. “A dispute arose between the bridge equity provider, an affiliated entity,” the comment concludes, “which resulted in the execution of a forced sale provision of the asset and a financial loss to investors.”

According to the Financial Industry Regulatory Authority, Jim Raper holds 13 years of securities industry experience. Based in Richmond, Virginia, he has been a broker with WealthForge Securities since 2014. He was previously registered with Transact Capital Securities in Richmond, Virginia from 2009 until 2015. His credentials include the passage of eight securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Financial and Operations Principal Examination, or Series 27; the Compliance Officer Examination, or Series 14; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Operations Professional Examination, or Series 99TO; the Investment Banking Registered Representative Examination, or Series 79TO; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 53 state licenses. (Information current as of February 3, 2023.)

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