Richard Sandru, also known as Rick Sandru, the March 2012 FINRA disciplinary proceedings announced that Sandru has been barred from association with any FINRA member. Here is the excerpt on Sandru’s exit from the industry from the FINRA website:
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.
We are investigating this matter on behalf of one of Sandru’s former clients and would appreciate hearing from anyone who has any information that may be helpful to our investigation. A review of Sandru’s CRD( FINRA’s registration records) reveals the following:
- 4/1/2011-8/30/2011: Sandru worked for Sun Shine Investment Consultants, LLC. Ft. Meyers, FL.
- 7/1/2009-4/29/2011: Sandru worked for Cambridge Investment Research Advisors, Inc. & Cambridge Investment Research, Inc. He was terminated for failing to inform the firm about a customer issue in accordance with firm policy. Fairfield, IA.
- 9/20/2002-6/29/2009: Sandru worked for LPL Financial Corporation. He was permitted to resign for attempting to resolve customer concerns without approval from the company, in violation of firm policy.Perrysburg, OH.
- Customer complaint that Sandru created a user name and password for their account and made unauthorized withdrawals. Damages sought are $945,000.
- Customer complaint seeking damages of $96,219 for sale of BP ADRS and other investments.
- Customer complaint in connection with Maumee Authority Stamping.
- IRS Lien for $89,000 in 2007 for payroll taxes , paid off in 2009.
- Customer complaint for $18,280 for losses and reimbursement of advisory fees.
If you have information relative to this investigation or have suffered losses in an account handled by Richard Sandru, please contact us. Robert H. Rex, Esq. been helping investors recover investment losses for over twenty years. We represent clients nationwide. No charge for initial consultation.
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