Ricky Biel: Favor Wealth Advisor Listed in Inspired Healthcare Filing

Pasadena, California financial advisor Ricky Biel (CRD# 4123346) has been sanctioned and fined in connection with alleged rule violations. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that the former Arete Wealth Management broker is currently registered as an investment advisor with Favor Wealth Advisors.

In addition, Mr. Biel’s name appears on a Form D filing for Inspired Healthcare Capital, a senior living development company that recently entered bankruptcy. According to an InvestmentNews report, the company sold private placement offerings and alternative investments “through a network of independent contractor broker-dealers,” reportedly receiving “more than $100 million in fees and commissions” for investments that later stopped issuing distributions to investors.

Mr. Biel’s BrokerCheck discloses the SEC enforcement action against him. Filed in 2018, the disclosure states that the agency undertook cease-and-desist proceedings against him in connection with allegations that he violated industry rules that made it fraudulent for advisors to “publish, circulate or distribute any advertisement which refers to, among other things, any testimonial of any kind concerning the investment adviser.” He allegedly violated the rule by “publishing on the internet advertisements containing testimonials concerning HBA, Biel and the investment advice and services they render.” In connection with these alleged violations, he was ordered to cease and desist such activities and to pay a fine of $10,000.

A second disclosure on his BrokerCheck report concerns an investor complaint against him. Filed in 2014, it alleged that as a representative of Hayden Biel & Associates, he employed a trading strategy that did not meet the customer’s needs. In 2015 the complaint reached a settlement of $95,000.

According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Ricky Biel holds 26 years of securities industry experience. Based in Pasadena, California, he has been registered as an investment advisor with Favor Wealth Advisors since 2021. His registration history includes Hayden Biel & Associates, Arete Wealth Management, Mutual Securities, Ameriprise Financial Services, and IDS Life Insurance Company. His credentials include the passage of three securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Combined State Law Examination, or Series 66; and the General Securities Representative Examination, or Series 7. He is licensed in California, Nevada, Louisiana, and Texas. (Information current as of March 19, 2026.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. The firm is currently investigating brokers who sold investments in Inspired Healthcare Capital. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.