Investors Sue Securities America For Negligence
Richard Norman Fichter Jr. of Williamstown New York a stockbroker currently registered with Securities America Inc. is referenced in a customer initiated investment related arbitration claim in which the customer requested damages estimated to exceed $5,000.00 based upon accusations that one of the customers alleged that Fichter negligently serviced the customer’s investment portfolio of stock and over-the-counter equities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-02334 (Nov. 10, 2017).
FINRA Public Disclosure confirms that Fichter has been identified in three additional customer initiated investment related disputes containing allegations of his misconduct during the time that he was associated with Securities America, Inc. In particular, on November 10, 2000, a customer initiated investment related complaint involving Fichter’s conduct was settled for $8,169.00 in damages founded on accusations that Fichter failed to follow the customer’s instructions of terminating an equity trade order.
On August 29, 2002, another customer filed an investment related complaint concerning Fichter’s activities where the customer sought $52,000.00 in damages supported by allegations that Fichter failed to inform the customer about the changes to the customer’s variable annuity which had the effect of impacting the annuity’s value and death benefit.
Thereafter, a customer initiated investment related arbitration claim regarding Fichter’s activities was resolved for $98,450.00 in damages based upon accusations that, inter alia: transactions were effected without the customer’s approval; unsuitable trades were executed in the customer’s account; the customer was unjustly deprived of breakpoint discounts; the customer’s instructions were not followed; excessive commissions were charged on investment transactions; and the customer became a victim to deceptive sales practices. National Association of Securities Dealers (NASD) Arbitration No. 03-02003 (Jan. 20, 2005).
Fichter has been employed by Securities America Inc. since March 5, 1991.
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