Massachusetts investment adviser fined over alleged real estate scheme

BOSTON (AP) — Secretary of State William Galvin says the state has entered into a consent order with a Massachusetts investment adviser agent accused of orchestrating a complex real estate scheme.

Galvin said Monday Thomas Riquier and his employer, United Planners Financial Services of America, will jointly make offers of rescission and restitution to investors. He says Riquier will pay a $50,000 fine, while United Planners must pay $100,000 for not supervising Riquier.

The administrative complaint filed by Galvin’s Securities Division last year stated Riquier solicited money from elderly residents of the North Shore and used it to purchase property in Rowley, Massachusetts.

Galvin says the property was already owned by Riquier, and Riquier defrauded investors and other clients out of at least $1 million over 26 years.

Riquier conducted his business in Danvers, Massachusetts.