Broker/Dealer, Investment Advisor and Hedge Fund Fruad, Mismanagement and Misrepresentation FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq.

March, 2012:

Richard Patrick Sandru (CRD #2470082, Registered Principal, Fort Myers, Florida) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Sandru consented to the described sanction and to the entry of findings that he caused financial planning forms for investment advisory customers to be submitted to the corporate accounting office that services his member firm and its investment advisor affiliate without the customers’ knowledge or authorization, and without providing the financial planning services described in the forms so that the customers were improperly charged fees ranging from $500 to $5,000 per financial plan. The findings stated that Sandru generated approximately $321,350 in unauthorized financial planning fees, which he converted for his personal benefit; Sandru received approximately $292,428.50 in accordance with his payout. The findings also stated that Sandru failed to respond to FINRA requests for information and documents and, through counsel, notified FINRA that he would not respond to any requests for information. (FINRA Case #2011027854301).