Leonard Rich: Suitability Complaint Against Joseph Gunnar Advisor

A recent investor complaint against Uniondale, New York financial advisor Leonard Rich (CRD# 375427) alleges that he made excessive trades in a customer’s account. Financial Industry Regulatory Authority records show that he is a broker with Joseph Gunnar & Company.

Mr. Rich’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in November 2023, alleges that as a Joseph Gunnar representative, he input “incorrect Investment Objectives and Risk Tolerances” in the customer’s new account forms and engaged in excessive trading. The pending complaint alleges damages of $114,500.

In a comment included with the complaints disclosure, Mr. Rich states that “the alleged accusations do not reflect the relationship” between the customer and himself, “nor the manner in which the accounts were handled.”

An earlier investor complaint, filed in 2012, alleged that as a representative of Joseph Gunnar & Company, he made excessive trades, recommended unsuitable investments, and executed unauthorized trades. In 2014 the complaint reached a settlement of $350,000.

A third investor complaint, filed in 2008, alleged “poor performance” while Mr. Rich was a Joseph Gunnar representative. The complaint reached a settlement of $19,500.

A fourth investor complaint, filed in 1996, alleged churning, unsuitable investment recommendations, and unauthorized trades. In 1997 the complaint reached a settlement of $14,000.

A fifth investor complaint, filed in 1996, alleged unauthorized trading. The complaint reached a settlement of $12,942.

According to the Financial Industry Regulatory Authority, Leonard Rich holds 55 years of securities industry experience. Based in Uniondale, New York, he has been a broker with Joseph Gunnar & Company since 2003. His past registrations include Kirlin Securities (Syosset, New York; 2001-2003), MS Farrell & Company (Syosset, New York; 1996-2001), Prudential Securities (New York, New York; 1993-1996), Smith Barney Shearson (New York, New York; 1991-1993), Advest (Hartford, Connecticut; 1986-1991), Moore & Schley Cameron & Company (1984-1986), Shearson Lehman/American Express (1977-1984), Shearson Hayden Stone (1974-1984), Hayden Stone (1974), Dean Witter & Company (1971-1974), and EF Hutton & Company (1986-1971). His credentials include the passage of six securities industry qualifying exams: the General Securities Sales Supervisor Examination (Options Module & General Module), or Series 8; the Registered Representative Examination, or Series 1; the Interest Rate Options Examination, or Series 5; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7TO; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in California, Colorado, Connecticut, Florida, Georgia, Illinois, Maryland, New Jersey, New York, Texas, and Utah. (Information current as of December 26, 2023.)

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