Richard Siminou: Kingswood Advisor Received Investor Complaint

New York City financial advisor Richard Siminou (CRD# 5605796) allegedly made unsuitable investment recommendations, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is a broker with Kingswood Capital Partners and an investment advisor with Kingswood Wealth Advisors, as well as the owner of Siminou Wealth Management.

Mr. Siminou’s BrokerCheck report discloses one recent investor complaint. Filed in January 2022, it alleged that as a representative of Newbridge Securities Corporation, he made unsuitable investment recommendations, failed to perform due diligence, failed in his supervisory duties, and acted negligently in connection with alternative investments. In April 2023 the complaint reached a settlement of $37,500.

In his profile on Siminou Wealth Management’s website, Mr. Siminou states that he endeavors to view his clients as people rather than numbers. “Effective financial planning needs the artistic creativity to see the world broadly and sometimes differently,” he explains. “But it also needs scientific rigor to evaluate, measure and adjust as needs, market opportunities – and risks – change, sometimes quickly. This is the approach that I’ve taken with my clients since the beginning.”

According to the Financial Industry Regulatory Authority, Richard Siminou holds 14 years of securities industry experience. Based in New York City, he has been a broker with Kingswood Capital Partners and an investment advisor with Kingswood Wealth Advisors since 2021. He is the owner of Siminou Wealth Management. His past registrations include Benchmark Advisory Services (New York, New York; 2021-2022), Cape Securities (McDonough, Georgia; 2019-2021), Kingswood Capital Partners (San Diego, California; 2020), and Newbridge Securities Corporation (New York, New York; 2008-2019). His credentials include the passage of four securities industry qualifying exams: 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 Investment Adviser Law Examination, or Series 65. He currently holds 47 state licenses. (Information current as of June 24, 2023.)

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