Rick Leininger: FINRA Suspends Broker over Trading Allegations

Rick Leininger (CRD# 809473[1]), a broker registered with The Investment Center, violated securities industry rules, according to a disciplinary action against him. MDF Law is investigating the Freeport, Illinois-based financial professional for similar conduct. We encourage investors with concerns about their accounts to contact us as soon as possible. 

To learn more about the allegations underlying Mr. Leininger’s suspension from acting as a broker, continue reading. This post is based on a November 29, 2023 examination of his BrokerCheck profile, a Financial Industry Regulatory Authority (FINRA) record.

FINRA Suspended Rick Leininger over Alleged Mismarked Trades

On October 19, 2023, FINRA published a disciplinary action involving Mr. Leininger. According to a Letter of Acceptance, Waiver, and Consent (#2023079974701[2]), Mr. Leininger marked 291 order tickets as unsolicited when in fact he had solicited them. The conduct in question allegedly took place between September 2020 and August 2021. According to FINRA, his alleged mismarked order tickets violated FINRA Rules 4511 and 2010 “by causing his member firm to make and preserve inaccurate books and records” in violation of the Securities Exchange Act of 1934. 

Mr. Leininger did not admit to or deny FINRA’s findings. He did, however, consent to a two-month suspension from associating with any FINRA member in all capacities. He also consented to a fine of $5,000.

Understanding FINRA Rule 4511

As the AWC Letter concerning Mr. Leininger explains, FINRA Rule 4511 requires broker-dealer firms to create and preserve books and records in accordance with Rule 17a-3 of the Securities Exchange Act of 1934. More specifically, Rule 17a-3 requires that these records document “each brokerage order,” including “terms and conditions of the order” and whether it was solicited or unsolicited by the  broker. “Inherent in the obligation to make and preserve books and records,” FINRA explains, “is the requirement that they be accurate.” 

When brokers cause their firm to fail to make and preserve accurate books and records, they violate FINRA Rule 4511. As the AWC Letter notes, violations of FINRA Rule 4511 are also considered violations of FINRA Rule 2010. This rule establishes a requirement that brokers, in the course of their business, “observe high standards of commercial honor and just and equitable principles of trade.”

FINRA: Leininger Based in Freeport, Illinois

Rick Leininger started his career as a broker in 1975. That was the year he registered with Edward Jones & Company in St. Louis, Missouri, where he remained until 1991. In 1991, he departed Edward Jones for The Investment Center’s office in Freeport, Illinois. He has remained with the firm since, though he is currently under suspension until January 19, 2024. 

Investors Have Rights. MDF Law Defends Them

Are you a current or former Rick Leininger customer with concerns about your portfolio? Do you feel that your accounts were not properly diversified, that the risks connected with your investments were inadequately exposed, or that certain products were just plain unsuitable for your background? 

You may be eligible to file a FINRA arbitration claim to recover lost funds. MDF Law’s investment fraud attorneys have decades of experience advocating for investors like you. Not only do we take cases on a contingency basis—clients only pay a fee if they win—but we currently offer free consultations to investors nationwide. Call 800-767-8040 to speak with a lawyer today.