SEC Bars Robert Lindell for $3 Million Alleged Fraudulent Scheme Following Indictment of TheftMonday, June 10, 2019
On May 24, 2019, the Securities and Exchange Commission filed an Order Instituting Administrative Proceedings against Robert Kenneth Lindell a registered representative last associated with Richfield Orion International, Inc. in Santa Rosa, California.
According to his BrokerCheck report through the Financial Industry Regulatory Authority (FINRA), Lindell was registered with Jesup & Lamont Securities Corp. in New York, New York from August 2009 to July 2010. He then moved on to Revere Securities Corp. in Bangor, Maine from July 2010 to May 2013. Lindell was discharged from the firm after allegations arose that he violated firm policies on service as a personal trustee. Finally, he was most recently associated with Richfield Orion International, Inc. in Santa Rosa, California from May 2013 to March 2017.
The SEC alleged in the Order that Lindell committed theft by obtaining or exercising unauthorized control over the property of specific persons or entities from January 2010 to January 2017. The SEC also alleged that from about February 2010 to March 31, 2012, Lindell obtained unauthorized control over funds designated for the purchases of securities by his clients and instead purchased the securities with other client funds or on margin. Specifically, he allegedly defrauded $3 million from two elderly clients, failed to pay taxes on the income he had earned through the fraudulent transactions, and accepted tax refunds he was not entitled to.
Based on the foregoing, the SEC barred Lindell from associating with any broker, dealer, investment adviser, or other persons and entities in the securities industry and from participating in any offering of a penny stock.
If a broker was not properly supervised while registered at a brokerage firm, the firm can be held liable for the broker’s misconduct. Did Robert Lindell’s investment advice cost you money? You may be able to recover from him or Jesup & Lamont Securities Corp., Revere Securities Corp., or Richfield Orion international, Inc., his brokerage firm. Since 1998, the attorneys at ChapmanAlbin have been representing victims of investment fraud and broker misconduct, our team of attorneys is ready to fight for you. Call us (1-877-410-8172) today for a free, no obligation consultation.