Investor Lawyers Blog
Securities fraud attorneys are currently investigating claims on behalf of the customers of Robert G. Bard. Current claims against Bard on behalf of investors seek compensation for investment losses that resulted from securities laws violations in the amount of as much as $6 million.
Current allegations against Bard include breach of contract, negligence, fraud through omission of material fact and violation of Financial Industry Regulatory Authority (FINRA) regulations and other securities laws, among others. Before incorporating his investment firm in December 2004, Bard was terminated from the investment firm where he worked for allegedly preparing and submitting investment documents with forged signatures of his customers. A FINRA investigation confirmed these charges and Bard signed a Letter of Acceptance, Waiver and Consent.
In August 2013, Bard was found guilty of 21 felony counts of offenses related to securities fraud. According to stock fraud lawyers, FINRA rules have established that firms must properly supervise brokers’ activities while they are registered with the firm. Reportedly, Scottrade, Ameritrade, Choice Investments and E-Trade have been named in an arbitration claim soon to be filed on behalf of some of Bard’s clients and these investment firms could be ordered to compensate clients for losses sustained for the period Bard was registered with the firms.
The current or pending claims of arbitration include between 50 and 70 of the accounts Bard managed. However, Bard reported in May 2009 that he managed 140 accounts for as many as 250 clients; securities fraud attorneys believe that many of those clients may have been the victims of securities fraud. The accounts contained assets totaling around $9 million.
If you were a client of Robert G. Bard, you should call a supervisor at the brokerage firm where your account is held and compare what you believe to be the value of your accounts with what the firm believes the total account value or liquidation value is. If your account has suffered significant losses, you may have a valid securities arbitration claim. To find out more about your legal rights and options, contact a stock fraud lawyer at Law Office of Christopher J. Gray, P.C. at (866) 966-9598 or newcases@investorlawyers.net for a no-cost, confidential consultation.