Financial Advisor Thomas T. Riquier of Danvers, Mass. Barred From Using Certified Financial Planner Mark

The board barred Thomas T. Riquier of Danvers, Mass., from using the CFP designation for allegedly borrowing at least $800,000 from more than 23 clients without disclosing the loans to his firm, which resulted in his termination by his broker-dealer.  

He also allegedly withheld documents and information and failed to cooperate with Massachusetts regulators.

Per the FINRA website Broker Check, Riquier worked as a financial advisor for 45 years, with a history of defrauding clients.  

He resigned in lieu of termination last year from United Planners Financial Service of America for violating FR3240 regarding borrowing funds from a client.  

This followed  a cease-and-desist order initiated by the Massachusetts Securities Division in which Riquier was sanctioned $50,000 in civil penalties and required to pay  $400,000 in restitution to clients.

Their investigation revealed that Riquier solicited outside investments from brokerage and advisory customers pursuant to a private placement. The report also alleges that Riquier also borrowed large sums of money from his clients.

From 11/2008 – 3/2016, Riquier was the subject of five customer disputes under accusations of “churning” accounts, mismanaging funds, and failing to place trades as promised.

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