Richard Craig Berg of Town and Country, Missouri submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which he was fined and suspended by the Financial Industry Regulatory Authority (FINRA) for allegedly engaging in private transactions in violation of FINRA Rules 3270, 2010 and NASD Rules 3040 and 2110.
From 1990 to 2018, Richard Berg was registered as a General Securities Representative with Prudential Securities and Wells Fargo. According to FINRA, Mr. Berg failed to timely notify his firms in which he engaged in two outside business activities and received compensation. The findings stated between 2008 and 2018, Mr. Berg and a firm customer owned and operated a company engaged in the acquisition and management of residential rental properties. Richard Berg also owned a residential rental property and rented the property out. The findings also stated that Mr. Berg failed to notify his firms of at least twelve purchases of securities issued by eleven privately held companies totaling $1,251,000. In addition, he completed at least four compliance questionnaires during this period incorrectly attesting that he had disclosed all private securities transactions to the firm. Continue Reading