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Richard “RK” Robertson: SEC Sanctions Former IFP Advisor
The Securities and Exchange Commission recently barred former San Diego advisor Richard “RK” Robertson (CRD# 2233786) in connection with allegations he engaged in a fraudulent “cherry-picking” scheme. Financial Industry Regulatory Authority records show that he is not currently registered as a broker or as an investment advisor, though he was previously registered with Independent Financial Partners.
According to a disclosure on Mr. Robertson’s BrokerCheck report, the SEC sanctioned him in August 2022 in connection with allegations he participated in a cherry-picking scheme. As the SEC explains, cherry-picking is “a practice of fraudulently allocating profitable trades to favored accounts at the expense of his advisory clients.” Between January 2011 and October 2020, according to the SEC, he “allocated a disproportionate number of trades with positive first-day returns to his personal and family accounts, while allocating a disproportionate number of trades with negative first-day returns to certain client accounts.” He allegedly conducted this scheme by making purchases in an “omnibus account,” then later allocating the securities to client accounts. The SEC alleged that his activities resulted in him obtaining “ill-gotten gains of at least $592,437.”
In connection with these findings, the SEC permanently barred him from association with a broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO. It also indefinitely barred him from participating in any penny stock offering, issued him a fine of $300,000, and ordered him to pay disgorgement of $592,437, as well as a monetary penalty of $28,173.12.
According to the Financial Industry Regulatory Authority, Richard Robinson holds 28 years of securities industry experience. Most recently based in San Diego, California, he was registered with Independent Financial Partners and LPL Financial from 2010 until 2018, and with Triad Advisors from 2019 until 2021. His registration history includes NRP Financial, Wachovia Securities, Prudential Securities, Painewebber, Dean Witter Reynolds, and Pacific Capital Securities. His credentials include the passage of six securities industry qualifying exams: the Direct Participation Programs Representative Examination, or Series 22; the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; 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 not currently registered as a broker or an investment advisor with any state or firm. (Information current as of December 21, 2022.)
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