Richard David Niemann Allegedly Effected Roughly 400 Discretionary Transactions without Proper Prior Written Notice

Richard David Niemann allegedly effected approximately 400 discretionary transactions in 13 accounts belonging to 11 customers without reportedly obtaining proper prior written authorization from the customers, according to a Final Regulatory Action filed on Niemann’s FINRA BrokerCheck Report under review by investor rights attorney Alan Rosca.

The aforementioned dispute was filed on March 11, 2019, FINRA states. Said findings further allege that Niemann reportedly did not obtain written authorization from his firm, UBS Financial Services Inc., to make trades in the accounts on a discretionary basis, and that the firm’s WSPs prohibited representatives from doing so, FINRA reports.

Investor rights attorney Alan Rosca, of the Goldman Scarlato & Penny PC law firm, is investigating activity related to Richard Niemann’s allegedly effecting discretionary transactions in customer accounts. Investors who believe they may have lost money in activity related to Richard Niemann’s allegedly effecting discretionary transactions in customer accounts are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.

Richard Niemann Suspended & Fined $5K by FINRA

Richard Niemann, based on the aforementioned behavior, was fined $5,000, and suspended for 15 days in all capacities, FINRA states.

A Settled Customer Dispute filed on June 3, 2008, and alleged that an auction rate security was made prior to the widespread illiquidity in the ARS market that transpired in February 2008, FINRA reports. Said Customer was settled for $75,000, FINRA notes.

Richard Niemann has 5 disclosures on his FINRA BrokerCheck Report, and has labored 47 years in the industry, FINRA notes. He has worked for 5 different firms, including the following:

  • UBS Financial Service Inc, Sugar Land, Texas— January 11, 2002 to the present day
  • Salomon Smith Barney Inc., New York, NY— July 31, 1993 to January 25, 2002
  • Lehman Brother Inc., New York, NY— May 28, 1982 to July 31, 1993
  • Merril Lynch Pierce, Fenner & Smith Inc.— September 26, 1978 to June 16, 1982
  • Merrill Lynch, Pierce, Fenner & Smith, Inc.— December 16, 1971 to September 26, 1978

Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints mentioned in this article, unless otherwise indicated.

Securities Lawyer Investigating

The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Richard Niemann’s allegedly effecting discretionary transactions in customer accounts. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.

Investors who believe they lost money as a result of Richard Niemann’s allegedly effecting discretionary transactions in customer accounts may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at, or through the contact form on this webpage.

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