Secretary of State Delbert Hosemann issued the following press release:
Investment Adviser bilks $230,000 from elderly investor
Jackson, Miss.—Ralph Lord, formerly
affiliated with the investment firm Sanders Morris Harris (SMH), Inc.,
has entered into an agreement with the Secretary of State’s Office for
violating Mississippi Securities laws.
Ralph Lord and SMH, Inc. have paid administrative
penalties for encouraging a 90-year-old female resident of the State of
Mississippi to trade her diversified portfolio and investments for
$230,000 worth of funds in Remote Knowledge, LLC.
At the time of the purchase, Remote Knowledge, LLC had a long history
of litigation and over $5,000,000 in losses.
The elderly victim is now deceased.
Prior to entering into the agreement and to
facilitate the settlement of the case, SMH, Inc. agreed to pay $75,000
in reimbursements to Margaret Watson’s estate. SMH, Inc. was also
ordered to pay $25,000 in penalties to the Secretary of
State’s Office and $10,000 to reimburse the State of Mississippi for
administrative costs.
Ralph Lord was ordered to pay $10,000. Lord also
agreed to heightened supervision should he ever return to the securities
industry. Because the violation occurred prior to Secretary Hosemann’s
revisions to the Mississippi Securities Act,
restitution to Mrs. Watson’s estate could not be ordered by the
Secretary of State’s Office.
A copy of the order may be
found here:
http://www.sos.ms.gov/links/
22 comments:
Jail time would be a good deterrent for these white-collar crooks.
If you go to the FINRA website and research this crook, Ralph Lord, you will see that he has been pulling these stunts for a long, long time. He should have been run out of this industry years ago. How do people like this sleep at night??
"How do people like this sleep at night??"
Comfortably, on expensive mattresses and linens.
Since when is 'hood-winking' illegal in this state? Every licensed lawyer, investment adviser and elder-law attorney in business does it.
Well, I have always suspected this creep was shady. Always way to cool. This asshole needs to spend about a month in Parchman. They would shut that smart mouth of his up.
Attn 10:48 (Hood-winking)Nice try Ralph, but I am afraid it is too late now!
10:48 My earlier comment about jail time is related to our AG (Hood) "winking" at crimes like this. Nice pun :-)
SHM Inc? Shaking my head
Nope, it really is SMH Inc. (shaking my head is appropriate here)
is this ralph lord the elder at 1st presbyterian church?!?!?
Seems like a story of this nature needs a picture of the person to prevent confusion.
Don't blame First Pres. He may have hoodwinked them too.
http://www.linkedin.com/pub/ralph-lord/50/6ab/834
watch out for all these $$$-"managers"...judas handled the $$$ too
I worked in the office of a CPA who had two completely different elderly lady clients with large estates and no family. He and his wife got close to them and had the wills changed to make them the beneficieries of their wealth. When they died, they quietly took everything they had and nobody said a word. The man really is evil on many levels, not just this one.
I would not even begin to know who would even look into something like this.
Ralph Lord is a good man. Lies and half truths are never accurate. He would never knowingly hurt anyone. He has helped his clients with honesty and integrity for years. Investing in the market is a known risk, as anyone is advised prior to any investment. No investment advisor can control the market and prevent any losses. All financial investors have lost money for clients, it's part of the risk/reward. Ralph Lord is an honest man.
He may be a "good man" but an extremely risky investment of that amount is not a suitable investment for a 90 year old probably unsophisticated person. He had a responsibility to her and failed.
Attn 7:59, the facts don't add up to your assumption. He has 20, yes 20 regulatory complaints and violations. He also has been allowed to resign and has been terminated by firms. There is no room for people of his (lack of)character to handle other peoples money. Don't believe me, just go to the FINRA web site, put in his name, and start reading. Pls do this then come back and share your opinion.
I find no listing for "Remote Knowledge, LLC" on Secretary of State website. Who are the principals/members? What was Ralph Lord's relationship with the LLC?
There is a "remote Knowledge" in Houston Tx. It may be a little hard to find, but Ralph managed to find it. Just ask the Watson family, Ralph "educated" them on this company.
Ralph Lord signed a Letter of Acceptance and Consent this month (May, 2014) with FINRA which alleges that he failed to disclose a financial interest in Canebreak Capital Management LLC, Spring Water Company and SigFX (#2011028244401). SigFX was ceated by Texas residents. Are any of the investors in these companies related to Remote Knowledge?
How deep does this guy go into taking advantage of vulnerable elderly people? Delbert, can you look at jail time?? thanks
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