Former Concorde Investment Brokers Richard and Jill Cody Under Investigation for SEC Allegations and FINRA Bar

Silver Law Group is investigating former New Jersey-based Concorde Investment Services, LLC (CRD# 151604) brokers Jill M. Cody (CRD#  4333419) (also known as Jill Tramontano (“Tramontano”)) and Richard G. Cody (CRD# 2794558) (“Cody”) after the SEC filed charges against Cody and FINRA barred Tramontano.

In December 2016, the SEC filed charges against Cody alleging he defrauded at least three of his clients for years.  According to the complaint, Cody’s clients suffered massive losses in their accounts and, rather than notifying his clients, Cody depleted his clients’ retirement savings by making monthly withdrawals

According to the SEC complaint, Cody concealed the clients’ substantial losses from approximately 2004 through 2016 by making materially misleading statements, leading the clients to believe that their investments were maintaining steady value and that their monthly withdrawals were being financed by investment gains.

For some of Cody’s clients, their retirement had been depleted by the middle of 2014, according to the complaint.

According to Cody’s FINRA BrokerCheck report, since the SEC investigation began in October 2016, six customers have filed FINRA arbitration complaints against Cody alleging misappropriation and forgery, among other claims.

Prior to the SEC action, FINRA fined Cody in 2008 and suspended him for a year.  Additionally, three complaints against Cody had settled for over $90,000 collectively prior to the SEC complaint.  Cody’s suspension was served between January 2013 and January 2014.  At which point, according to the SEC complaint, Cody enlisted his then-wife, Tramontano to conduct his brokerage and investment adviser business through her access as a broker associated with Concorde, apparently so Cody’s clients would not learn he was disciplined.

Tramontano currently has five pending FINRA complaints on her BrokerCheck related to the SEC allegations.

According to her detailed CRD report, Tramontano was employed by Concorde from January 2013 to August 2016 at its Spring Lake, New Jersey branch.  Westminster Financial Securities, Inc. (CRD# 20677) employed Tramontano from December 2012 to January 2013 at its Providence, Rhode Island branch.  Tramontano operated under the moniker Boston Investment Partners and also sold life insurance through the company.

Cody also operated under the moniker Boston Investments Partners and was also an investment advisor representative for Concorde Asset Management (CRD# 140367), according to his detailed CRD report.

Concorde employed Cody from March 2014 to August 2016 at its Spring Lake, New Jersey branch.  Prior to Concorde, Westminster employed Cody from March 2010 to March 2013 at its Providence, Rhode Island branch.  Cody was briefly employed by IFS Securities (CRD# 40375) for the months of August and September 2016 at its Spring Lake branch.  IFS discharged Cody when the client complaints began to surface.

Cody operated under the moniker Boston Investment Partners and was also an investment advisor representative for Concorde Asset Management, according to his detailed CRD report.

If you have invested with Richard G. Cody and/or Jill M. Cody (“Jill Tramontano”) and Concorde Investment Services and/or Westminster Financial Securities and have lost money doing so, you may be able to recover some or all of your losses.  Our lawyers are experienced in recovering investor losses due to broker and brokerage firm misconduct through FINRA arbitration.

Silver Law Group represents the interests of investors who have been the victims of investment fraud.  If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.