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Editor: Debra G. Speyer, Esq.
Profession: Attorney

Category: Fraud in the News

A Lincoln Financial Advisors Broker was charged with stealing $2.25 million in a Ponzi scheme. Surprisingly Lincoln allowed this broker Richard Daniels who had previously been banned by the securities industry to manage investor's monies. More surprising, the SEC who had banned him from the industry for defrauding investors in the sale of phony promissory notes gave him back his license.

This is a very unusual situation. You do not normally see the SEC handing back licenses or the NASD approving reinstatement for this type of history. Investors who want to learn about a potential stockbroker can do so by going to the NASD website where information about past arbitrations, disciplinary background and employment history can be located.