B. Riley Wealth Management (“B. Riley Wealth Management“) (CRD#2543) has accumulated numerous complaints filed by FINRA (Financial Industry Regulatory Authority), state regulatory organizations, and investors like you.
At the Law Offices of Robert Wayne Pearce, we have investigated B. Riley Wealth Management, its regulatory and customer complaints, and have represented investors with claims of fraud, negligence, and breach of fiduciary duty against this organization and its financial advisors.
If you’ve lost money with B. Riley Wealth Management due to unsuitable recommendations, excessive trading, or other misconduct, you have legal options to recover your losses. The firm’s documented history of supervisory failures and regulatory violations may provide grounds for claims through FINRA arbitration.
Most investors are unaware they can pursue claims against their broker or brokerage firm for investment losses caused by misconduct. Even if you signed an arbitration agreement when opening your account, you can still hold B. Riley Wealth Management accountable for the losses you’ve suffered. Time is critical—regulatory deadlines apply, so don’t wait to explore your legal rights.
Can I Sue B. Riley Wealth Management?
Yes, you can sue B. Riley Wealth Management, but the odds are you signed away your right to sue in court and agreed to resolve your dispute in a FINRA arbitration proceeding.
Attorney Robert Wayne Pearce knows very well how you can not only sue B. Riley Wealth Management in FINRA arbitration proceedings but WIN that arbitration.
How to Sue B. Riley Wealth Management for Investment Losses
What Can I Do If I Lost Money at B. Riley Wealth Management?
If you’ve suffered investment losses at B. Riley Wealth Management, you can file a claim through FINRA arbitration—a specialized legal process designed to resolve disputes between investors and brokerage firms. Unlike traditional court litigation, FINRA arbitration is typically faster and less formal, but it requires specific expertise to navigate successfully.
The documented violations at B. Riley Wealth Management create a roadmap for potential claims. The firm’s repeated supervisory failures involving 529 plan recommendations, unreported transactions, inadequate oversight of exchange-traded funds, and sales of unregistered securities demonstrate a pattern of misconduct that may have directly impacted your investments. If your financial advisor recommended unsuitable investments, failed to disclose risks, or engaged in excessive trading, these regulatory violations support your claim.
Many investors mistakenly believe that signing an arbitration agreement prevents them from seeking compensation. This is not true. The arbitration agreement simply determines the forum—you still have the right to pursue claims for fraud, negligence, breach of fiduciary duty, and other violations. The key is acting quickly, as strict time limits (typically six years from the violation or three years from discovery) apply to securities claims.
The firm’s ongoing troubles—including FINRA examinations of their wealth management business, SEC filing delays, and the Franchise Group bankruptcy fallout—indicate systemic problems that may have affected multiple investors. If you experienced losses during periods when supervisory systems were failing, your claim may be strengthened by the firm’s documented regulatory deficiencies.
Who Can Help Me Sue B. Riley Wealth Management?
Successfully recovering investment losses requires an attorney who specializes in securities arbitration and understands the specific violations B. Riley Wealth Management has committed. Our firm has extensive experience representing investors against this broker-dealer and similar firms with histories of supervisory failures. We know how to build cases that connect regulatory violations to individual investor harm, maximizing your chances of recovery.
What is B. Riley Wealth Management?
B. Riley Wealth Management (CRD#2543) is a registered broker-dealer. It operates as a full-service independent broker-dealer, providing a range of financial products and services to individual investors and financial advisors.
As a registered broker-dealer, B. Riley Wealth Management is subject to regulations and oversight by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). It is required to comply with industry standards and regulations to ensure the protection of its clients’ interests.
A failure to comply with industry standards by either its brokers or the firm itself can result in disciplinary actions, fines, or other penalties imposed by regulatory authorities.
B. Riley Wealth Management In Trouble – Latest News
Yes, B. Riley Wealth Management is experiencing significant problems. The firm is facing mounting regulatory scrutiny, financial difficulties, and operational challenges throughout 2024 and 2025.
As of April 2025, FINRA is investigating the firm’s wealth management business. On August 20, 2025, B. Riley Financial received a notice from Nasdaq due to delayed quarterly filings, resulting in non-compliance with listing rules. The company has until September 29, 2025, to file multiple overdue reports.
The firm’s financial distress stems from the bankruptcy of Franchise Group Inc., weak internal controls flagged by auditors, and lack of timely filings. B. Riley Financial has suspended dividends on its preferred shares, with unpaid dividends continuing to accrue as of January 2025.
Why Does B. Riley Wealth Management Have So Many Bad Reviews And Customer Complaints?
Independent broker-dealers like B. Riley Wealth Management often have more customer complaints than traditional brokerage firms because of how they’re structured and supervised. The business model prioritizes growth and cost-cutting over investor protection.
These firms operate using a franchise-type model where they open many offices nationwide to generate steady revenue without the costs of full-service branch offices. The financial advisors aren’t employees—they’re independent contractors running their own businesses. This means they’re not controlled the same way employees at traditional firms are controlled.
The supervision happens through Offices of Supervisory Jurisdiction (OSJs), which are run by other independent contractors from remote locations. These OSJ supervisors aren’t full-time—they often run their own brokerage and insurance businesses while trying to monitor advisors. This creates gaps where unauthorized trades, unsuitable investments, and forged documents can slip through because no one is watching closely enough.
The North American Securities Administrators Association (NASAA) has documented more instances of sales abuse and investor losses at independent broker-dealers than at traditional brokerage firms with on-site supervision. This pattern explains why firms like B. Riley Wealth Management accumulate so many regulatory violations and customer complaints.
Examples of Regulatory Problems and Complaints for B. Riley Wealth Management
B. Riley Wealth Management’s rapid growth has not been without consequences. There have been approximately 18 state and self-regulatory body disclosure events; that is, final and formal proceedings initiated by a regulatory authority (e.g., a state or federal securities agency like the U.S. Securities and Exchange Commission (SEC) or self-regulatory body like the Financial Industry Regulatory Authority (FINRA) and the North American Securities Administrators Association (NASAA) for a violation(s) of investment-related rules or regulations. In addition, there have been customer complaints filed against B. Riley Wealth Management for misconduct by its securities sales and investment advisory representatives that are not reported by the firm on its Central Depository Record.
We have reported and written about these regulatory problems and customer complaints over many years. B. Riley Wealth Management is a repeat offender: there are over 18 FINRA-reported proceedings citing the firm with one form of supervisory lapses or another.
A Brief Overview of Some of the Complaints and Regulatory Problems B. Riley Wealth Management Has Faced Over the Years*
B. Riley Wealth Management has been repeatedly censured, warned, and fined for its own misconduct and failure to supervise its army of financial advisors.* A few of the notable FINRA Sanctions for its Supervisory Failures are below:
FINRA Censures B. Riley Wealth Management for Failure to Supervise 529 Share Class Recommendations
Brief Overview: Without admitting or denying the findings, B. Riley Wealth Management consented to the sanctions and to the entry of FINRA findings that it failed to establish and maintain a supervisory system reasonably designed to supervise representatives’ recommendations to customers to purchase share classes of 529 savings plans. FINRA stated that the firm did not provide proper guidance to representatives regarding the importance of share-class differences when recommending 529 plans. In addition, the firm’s written supervisory procedures required a review of 529 plan applications at account opening but did not require supervisors to evaluate the suitability of share-class recommendations or provide adequate guidance to supervisors regarding factors relevant to such a suitability review. Additionally, despite requiring supervisory review of 529 plan accounts at account opening, the firm did not have any systems or controls designed to track accounts as they were opened to check that the required supervisory reviews were completed. As a result, the firm was censured and ordered to pay restitution totaling $252,740.
FINRA Censures and Fines B. Riley Wealth Management for Failure to Report Transactions
Brief Overview: Without admitting or denying the findings, B. Riley Wealth Management consented to the sanctions and to the entry of findings that it failed to timely report approximately 450 transactions involving trace-eligible securities that were executed between it and an affiliated registered investment advisor. According to FINRA’s findings, the firm failed to maintain adequate written supervisory procedures addressing trace-reporting requirements applicable to transactions involving “to be announced” mortgage-backed securities. As a result of FINRA’s investigation, the firm was censured and fined.
FINRA Censures and Fines B. Riley Wealth Management for Lack of Supervision Over Exchange Trade Funds
Brief Overview: Without admitting or denying the findings, B. Riley Wealth Management consented to the sanctions and to the entry of FINRA findings that it failed to establish, maintain, and enforce an adequate supervisory system and written procedures for the supervision of sales of nontraditional exchange-traded funds. Even though the firm permitted its registered representatives to recommend non-traditional ETFs, the firm’s written supervisory procedures did not adequately address the characteristics and risks associated with nontraditional ETFs. Further, the firm did not utilize an effective system or report to enable its supervisors to identify instances in which a customer might be holding a position in a nontraditional ETF for an extended period. B. Riley Wealth Management also failed to provide formal training to its registered representatives and supervisory personnel regarding the characteristics and risks of nontraditional ETFs. As a result, the firm was censured and fined $50,000.
FINRA Censures and Fines B. Riley Wealth Management for Sale of Unregistered Securities
Brief Overview: Without admitting or denying the findings, B. Riley Wealth Management consented to the sanctions and to the entry of FINRA findings that the firm sold approximately 271 million unregistered shares of thinly traded low-priced stocks without first confirming that the shares could be sold pursuant to an exemption from registration. FINRA stated that because the shares were not covered by a registration statement that did not cover the issuers’ shares, the firm could not sell those shares without having confirmed the availability of an exemption from registration. FINRA also stated that the firm failed to establish, maintain, and enforce a supervisory system designed to ensure compliance with Section 5 of the Securities Act of 1933 and prevent illegal resales of restricted securities. In addition to all this, the firm failed to provide adequate training to the designated supervisors on how to assess the availability of an exemption from registration. As a result, the firm was censured and fined $108,343.
FINRA Censures and Fines B. Riley Management for Failure to Supervise Its Research Analysts’ Personal Trading
Brief Overview: FINRA initiated an investigation into B. Riley Management and alleged that the firm failed to supervise the personal trading of its research analysts who maintained discretionary accounts at other firms. According to FINRA’s allegations, the firm’s written supervisory procedures mandated compliance department review of personal trading of research analysts; but as a matter of policy, the firm did not require compliance review of analyst accounts over which discretionary trading authority had been granted to a third-party manager or advisor. Because of that policy, the firm did not review the personal trading of two analysts who held discretionary accounts at other firms. As a result, the firm was censured and fined $50,000.
*Above are only some of the regulatory disciplinary actions filed against B. Riley Wealth Management by FINRA. NASAA and other state securities regulator investigations and enforcement actions account for another 13 BrokerCheck disclosures.
How to File an Official Complaint Against B. Riley Wealth Management or one of its brokers with FINRA
If you’ve suffered investment losses due to misconduct, negligence, or unsuitable recommendations by B. Riley Wealth Management or one of its brokers, you are not alone. B. Riley Wealth Management (CRD#2543) has accumulated numerous customer complaints, lawsuits, and at least 18 regulatory disclosure events with FINRA and other state agencies.
These issues include failures to supervise, improper 529 plan recommendations, sales of unregistered securities, inadequate oversight of exchange-traded funds, and research analyst trading violations. More recently, the firm and its parent company, B. Riley Financial, have come under heightened scrutiny amid financial reporting delays, dividend suspensions, and ongoing regulatory investigations.
Before contacting the firm directly—which often results in denied or minimized claims—speak with an experienced securities attorney who can file a proper FINRA complaint on your behalf and aggressively pursue the compensation you deserve.
These cases can be extremely complex, and so having the support of a reputable attorney who is experienced in recovering investment losses for investors is key to your success. Many customers make the mistake of contacting B. Riley Wealth Management without representation with an attorney about their complaints and have their complaints denied.
How The Law Offices of Robert Wayne Pearce, P.A. Can Help You Recover Losses at B. Riley Wealth Management
At The Law Offices of Robert Wayne Pearce, P.A., we understand the FINRA arbitration process inside and out. We know how to connect the dots between B. Riley Wealth Management’s documented supervisory failures and the losses you’ve suffered. Our approach involves thoroughly investigating your account history, identifying specific violations, and building a compelling case that demonstrates how the firm’s misconduct directly caused your losses.
We handle all aspects of the arbitration process—from filing the Statement of Claim to presenting evidence at hearings. With over 45 years of experience in securities arbitration and more than $175 million recovered for investors, Attorney Robert Wayne Pearce knows the strategies that work against firms like B. Riley Wealth Management. We offer free consultations to evaluate your case and explain your legal options without obligation.
Consult With An Attorney Who Recovers Investment Losses Caused By B. Riley Wealth Management Today
The investment loss attorneys at The Law Offices of Robert Wayne Pearce, P.A., have helped countless investors over the last 45 years recover the losses from their investment accounts that were caused by broker negligence or misconduct. The firm has extensive experience with B. Riley Wealth Management cases, and Attorney Pearce is committed to seeing that those responsible for the losses you have suffered are held fully accountable.
Give us a call at 800-732-2889. Let’s discuss your case and see what we can do to help you get the compensation you need and deserve.
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