Danvers Investment Adviser Fined For $1 Million Scam

DANVERS, MA -- Thomas Riquier, the Danvers-based financial adviser accused of scamming clients of more than $1 million, was fined $50,000 and ordered to pay restitution by Massachusetts Secretary State William Galvin Monday. Riquier's firm, United Planners Financial Services of America, was fined $100,000 for not supervising him and will also be required to make offers of restitution. Galvin's office also barred Riquier from registering as an investment adviser or broker-dealer.

More than 30 people, many of them elderly, invested money with Riquier believing he was going to pool the funds to invest in property. Instead, he kept the money for himself. Investigators say he collected more than $1 million over a period of nearly 27 years.

"Unfortunately, this scheme went on for so long before it was brought to my office's attention that many of the original investors and clients have died," Galvin said in a statement. "It was my primary goal to ensure that the remaining elderly investors, who had not seen a penny returned on their now 27-year-old investment, receive restitution."

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Dave Copeland can be reached at dave.copeland@patch.com or by calling 617-433-7851. Follow him on Twitter (@CopeWrites) and Facebook (/copewrites).