Rick Shaw Allegedly Sold Unsuitable Oil & Gas Products
Rick Shaw (CRD# 1870018), a broker registered with Osaic Wealth, recommended unsuitable oil and gas investments, according to multiple investor disputes. MDF Law is investigating the Scottsdale, Arizona-based financial professional for similar conduct. If you have concerns about your accounts, contact us for a free consultation.
More information about the allegations against Mr. Shaw follows below. This post is sourced from his BrokerCheck record, a Financial Industry Regulatory Authority profile reviewed on October 21, 2024.
Pending Dispute Seeks 7-Figure Damages
Three parties of investors filed disputes involving Mr. Shaw in 2024. All three detail allegations that he recommended an unsuitable oil and gas program, and all three are still pending. Two seek damages of $25,000, while the third seeks $1.5 million.
Firm Settled Past Disputes
The above-described investor disputes are not the only ones in Mr. Shaw’s professional background. In 2022, six parties of investors lodged disputes involving him. All six of these claims alleged that he sold unsuitable products, including oil and gas investments and a real estate investment trust (REIT). His member firm settled the claims for more than $988,000 in total.
Why Did Kansas Revoke Mr. Shaw’s License?
On October 11, 2020, the Kansas Insurance Department suspended Mr. Shaw’s licensed to sell life, health, and variable insurance. According to a disclosure on his BrokerCheck report, the Department undertook this action because he was late paying a renewal fee. “The fee was paid and the license re-activated 10/26/2020,” the disclosure states.
Brokers Are Required to Make Suitable Investment Recommendations
While registered investment advisers must uphold a fiduciary duty to their clients, brokers must comply with the SEC’s Regulation Best Interest. As this standard requires, they must make a certain disclosures regarding the investments they recommend: any associated as fees and costs, for instance, or whether they have any conflicts of interest. They must “exercise reasonable diligence, care, and skill” to ensure the product or strategy’s risks and rewards, and to ensure the recommendation is in a customer’s best interest.
FINRA: Rick Shaw Based in Scottsdale, Arizona
Rick Shaw launched his career as a broker in 1988. That year, he registered with Cigna Financial Advisors’ office in Radnor, Pennsylvania, where he remained until 1998. After he departed Cigna, he registered with the Lincoln Financial Advisors in Phoenix, Arizona. That firm was acquired by Osaic in 2024, with whose office in Scottsdale, Arizona he is registered today. With 35 years of experience as a broker, he has completed five industry exams, including the Series 63 and the Series 22.
Investment Losses? You May Have Options
If you lost money investing in products recommended by Rick Shaw, call MDF Law at 800-767-8040 to receive a free consultation with an attorney. Our team has extensive experience navigating FINRA arbitration proceedings, recovering tens of millions in investment losses for the victims of broker fraud. We accept cases on a contingency basis—clients only pay a fee when they win—and offer free consultations across the US. Don’t delay: your window to file a claim may be limited. Call MDF Law today.