Securities Lawyers Blog
The Financial Industry Regulatory Authority (FINRA) has barred Todd Lloyd Goedeke and Ronald W. Nichter from the financial industry after the brokers were accused of misappropriating funds from customers.
In March 26, 2004, Goedeke became a registered representative with Cantella & Co., Inc. (Cantella), a FINRA regulated broker-dealer. Goedeke remained associated with Cantella until his termination on June 18, 2010. On or about July 1, 2010, Cantella filed a Form U5 that stated that Goedeke had been terminated. On or about February 22, 2011 and March 16, 2011, Cantella filed amendments to their Form U5 disclosing allegations that Goedeke may have converted customer funds. Goedeke’s public disclosures also list that he is employed by Wealthcare & Retirement Solutions, a financial planning company that provides insurance, fixed annuities, and life insurance.
Ronald W. Nichter became registered in the securities industry in December 2008 with Cantella Nichter’s registration was terminated by Cantella on April 4, 2013.
Both brokers have been accused by FINRA of misappropriating customer funds.
Goedeke did not cooperate with FINRA’s investigation concerning customer’s claims of theft. On May 4, 2011, FINRA sent a letter to Goedeke concerning the investigation and requested, pursuant to FINRA Rule 8210, that Goedeke submit a detailed written response to each matter and customer and to also provide documents in his possession or control relating to these customers. Goedeke did not respond to the FINRA requests. Subsequently, FINRA barred Goedeke from the securities industry.
Goedeke has been the subject of several other regulatory investigations prior to his termination from the industry. A complaint filed by the state of Wisconsin in 2011 accused Goedeke of using money invested by his clients for his own personal expenses as well as offering to sell unregistered securities within the state. Goedeke has also had seven customer complaints filed against him. Several of the customer complaints allege that Goedeke made the client write out checks to his dba Wealthcare company that were intended to be deposited in other brokerage accounts but never were.
In Nichter’s case, FINRA alleged that between approximately 2009 and 2013, Nichter misappropriated approximately $140,000 from approximately ten customers. Nichter is alleged to have forged the clients’ signatures on Letters of Authorization that instructed Cantella’s clearing firm to issue checks made payable to the customers. Then, Nichter intercepted the checks, endorsed them himself, deposited them into his personal account, and used the funds for personal expenses.
The attorneys at Gana Weinstein LLP are experienced in investigating claims of financial fraud. Our attorneys can help you detect and uncover suspicious activity in your accounts. Our consultations are free of charge and the firm is only compensated if you recover.