Customers of Lion Street Financial Broker Richard Baer Suffered Over $1.8m in Investment Losses
Lion Street Financial stockbroker, Richard Evan Baer, who is also a registered investment advisor with both React Investment Solutions, LLC and Legacy Capital California, has been named by investors in two pending complaints seeking $1.8M in damages for investment losses they suffered. Three other customer disputes have resulted in settlements.
Our California securities law firm is looking into other claims of losses by customers of Richard Baer. Please contact Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyer.com) today to request your free, no-obligation consultation at (619) 550-4847.
Customer Disputes Alleging Unsuitability, Misrepresentation and More
According to Baer’s BrokerCheck record, here are the customer disputes that have named Baer:
- 8/2020: Seeking $850K in damages, this claimant is alleging unsuitability, misrepresentations, and elder abuse.
- 9/2019: This customer is claiming elder abuse, negligent supervision, negligent infliction of emotional distress, breach of fiduciary duty, and misrepresentation. They are seeking $1M in damages.
- 6/2018: Alleging breach of fiduciary duty, this client requested punitive damages and received a $115K settlement. The investment at issue was sold through Baer’s registered investment advisory firm.
- 3/1993: This unsuitable recommendation claim was settled for $15K.
- 6/1992: Alleging misrepresentations and omissions, this claimant received a $55K settlement.
Richard Baer has worked for 42 years in the industry. Other broker-dealers where he used to be registered include NFP Advisor Services, Royal Alliance Associates, Cypress Capital Corp., Manequity Inc., and Lefcourt Financial Group.
It is common for brokers to be registered with both a broker-dealer and an investment advisor. Many of them may market and sell products through the latter. However, brokerage firms can still be held liable for customer losses.
SSEK Also Investigating Lion Street Financial Brokers For Investors’ GPB Losses
Our broker fraud lawyers have been investigating the investment recommendations of Lion Street Financial advisers for some time now. Aside from losses suffered by Baer’s customers, we have been looking into losses sustained by customers who purchased GPB Holdings II private placements at the suggestion of Lion Street Financial brokers.
GPB Capital Holdings is accused of running an over $1.8B Ponzi scam that enriched brokers and their firms while causing over 17,000 investors significant losses. SSEK Law Firm is pursuing a number of Financial Industry Regulatory Arbitration (FINRA) claims for customers against the broker-dealers that sold them their GPB investments.
Call our securities fraud lawyers at (800) 259-9010 today if suffered losses as a result of working with broker Richard Baer or any other Lion Street Financial stockbroker. We help investors nationwide and internationally who have invested with a US-based brokerage firm.