Massachusetts Secretary Of State Fines North Shore Investment Adviser For Defrauding Elders
The Massachusetts Secretary of State's office said it has entered into a consent order with a North Shore investment adviser agent for defrauding elderly investors.
Secretary of State William Galvin said Monday that Thomas Riquier and his employer, United Planners Financial Services of America, will jointly make offers of rescission and restitution to investors. He said Riquier will pay a $50,000 fine, while United Planners must pay $100,000 for not supervising Riquier.
The administrative complaint filed by Galvin's Securities Division last year stated Riquier solicited money from elderly residents of the North Shore and used it to purchase property in Rowley.
Galvin said the property was already owned by Riquier, and Riquier defrauded investors and other clients out of at least $1 million over 26 years.
Riquier conducted his business in Danvers.