Richard Mireles Allegedly Engaged in Excessive Trading

Richard Mireles  (CRD #: 5288651), a broker registered with Independent Financial Group, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on August 5, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investigation

On May 30, 2024, FINRA made a preliminary determination to recommend that disciplinary action be brought against Richard Mireles alleging he failed to reasonably supervise another individual and to respond to red flags that an individual engaged in excessive trading in violation of FINRA Rule 3110. 

Excessive Trading

FINRA Rule 2111, a.k.a. The Suitability Rule, requires brokers to tailor their investment recommendations to suit investors’ needs. Trades must be quantitatively suitable, meaning the number of trades must suit an investor’s needs. Each trade comes with a transaction fee, so too many transactions will result in excessive fees for the investor. Excessive trading is also known as “churning.” 

Failure to Supervise 3110

FINRA Rule 3110 requires that firms establish systems of supervision to maintain their compliance with securities regulations. Their systems of supervision should be able to catch unsuitable recommendations. 

Background Information 

Richard Mireles has passed the following exams:

• Series 66 Uniform Combined State Law Examination
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination 
• Series 24 General Securities Representative Examination 

He is a registered broker in 50 states, D.C., Puerto Rico, and the Virgin Islands. He is a registered investment adviser in California. 

During his 17 years of experience, Richard Mireles has registered with two firms: Independent Financial Group (CRD #: 7717) and Western Financial Advisors (CRD #: 35098). 

Kurta Law Can Help 

If you have worked with Richard Mireles and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.