CHICAGO, Nov. 1, 2013 (GLOBE NEWSWIRE) -- Stoltmann Law Offices announces it continues to investigate Richard Schwartz and RAS & Associates. Schwartz represented himself as a wealth manager and RAS & Associates as an investment firm to dozens of clients in Indiana and other states. RAS & Associates offered a variety of investment products including financial advice and various insurance products. Schwartz's firm was based out of Kokomo, Indiana but investors from around the country have allegedly suffered losses due to Schwartz's actions and misrepresentations. According to published reports, Schwartz offered and sold fraudulent investments to his clients. Schwartz also represented himself as a registered representative of New York Life Securities. and continued to do so even after he was terminated in March of 2012. In August of 2013, Schwartz committed suicide.
According to Chicago securities attorney Andrew Stoltmann "Brokerage firms have an iron clad obligation to supervise the activities of their financial advisors. Firms can't bury their head in the sand and look the other way when red flags of potential misconduct pop up. According to FINRA's Conduct Rules, all potential signs of misconduct must be vigorously reviewed and followed up on by the brokerage firm the advisor is affiliated with. Failure to do so can make the brokerage firm responsible for the client's losses for failing to supervise the activity at issue.
According to Chicago attorney Andrew Stoltmann, "The incredible losses that clients of Richard Schwartz and RAS & Associates sustained have proven to be divesting. Fortunately, the FINRA arbitration claims process can be used to potentially recover some, or all, of these losses from New York Life Securities. To learn about recovering these losses on a contingency fee basis, please visit www.PonziRecoveryCenter.com or call our securities fraud team at 312.332.4200 in Chicago, Illinois.
CONTACT: Stoltmann Law Offices Andrew Stoltmann Esq. o: 312-332-4200 10 S. LaSalle 35th Floor Chicago, IL 60603 www.InvestmentFraud.PRO Andrew@stoltlaw.comSource:Stoltmann Law Offices P.C.