Investors who suffered losses investing with Richard Schwartz and his firm, RAS & Associates (which is based in Kokomo, Indiana) may be able to recover their losses through FINRA arbitration.
According to recent news reports, Richard Schwartz and his wealth management firm RAS & Associates (a wealth management firm offering financial advice and various insurance products) have been accused of running a Ponzi scheme affecting Indiana investors, and possibly other investors around the country. Various news reports are claiming that Richard Schwartz allegedly began recommending that his clients liquidate their insurance holdings to invest in securities that he expected to receive a higher rate of interest than their previous investments.
Upon information and belief, these securities were fictional and instead of using the investors’ money as he promised, Richard Schwartz allegedly used the investors’ money to sustain his lavish lifestyle and to make interest payments to existing clients using new investor money – in a typical Ponzi scheme fashion.
In August 2013, Richard Schwartz committed suicide. As a result, investors were forced to pursue claims against his estate. However, the Indiana Secretary of State recently filed a lawsuit to freeze the assets of Richard Schwartz’s estate.
There may nonetheless be hope for investors who suffered losses in the Ponzi scheme that Richard Schwartz and RAS & Associates were allegedly running. Richard Schwartz was registered with various brokerage firms during his career, who were responsible for properly supervising his activities. Investors may be able to recover their losses from the brokerage firms responsible for supervising Richard Schwartz if they are found to have improperly supervised Richard Schwartz and his activities.
If you are an investor that suffered losses investing with Richard Schwartz, or with RAS & Associates, you may be able to recover your losses through FINRA arbitration or securities litigation. Please contact Kons Law Firm through its Connecticut office at (860) 920-5181 for a FREE, NO OBLIGATION consultation to discuss your investment loss recovery options.
Kons Law Firm represents investors nationwide in securities arbitration and litigation matters. To learn more about the Firm’s securities litigation and FINRA arbitration practice, please visit www.investmentfraudattorneys.com.
