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Richard DePalma: Bond Complaint Against DePalma Investment Advisor
Erie, Pennsylvania financial advisor Richard DePalma (CRD# 4517536) recently received an investor complaint alleging that he provided misleading investment advice. Records provided by the Financial Industry Regulatory Authority indicate that he is a broker and an investment advisor with Centaurus Financial, doing business as DePalma Investment Group Corporation.
Mr. DePalma’s BrokerCheck report discloses one investor complaint. Filed in March 2023, it alleges that as a representative of Centaurus Financial, he “misrepresented and recommended unsuitable, high-risk, speculative and illiquid investments” in corporate bond products. The pending complaint alleges unspecified damages.
In a statement included with the pending complaint’s disclosure, Mr. DePalma denies the allegations and describes them as meritless. “The investments about which the customers complained were suitable and were recommended based on the customer’s objectives, goals and financial circumstances and were offered only after their review of all material documentation related to the investment,” he writes, stating further: “The customers confirmed in writing that they not only received the requisite investment documentation/disclosures, but that they fully understood the characteristics and risks of the investments. At all times, I put the customer’s interest first and I will vigorously defend this matter to the fullest extent of the law.”
According to the Financial Industry Regulatory Authority, Richard DePalma holds 21 years of securities industry experience. Based in Erie, Pennsylvania, he has been registered as a broker and an investment advisor with Centaurus Financial since 2007 and 2010, respectively, doing business as DePalma Investment Group Corporation. His registration history includes TransAmerica Financial Advisors (Rancho Cucamonga, California; 2004-2007) and American General Securities Corporation (Phoenix, Arizona; 2002-2004). His credentials include the passage of six securities industry qualifications: the Investment Company Products/Variable Contracts Principal Examination, or Series 26; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Corporate Securities Limited Representative Examination, or Series 62; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Arizona, California, Florida, Idaho, Iowa, Oklahoma, Pennsylvania, and Texas. (Information current as of May 9, 2023.)
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