Client Shoots Clean Dallas Broker Over Bad Bonds
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You know things are getting hairy when clients starting turning guns on their financial advisors. A disgruntled client opened fire on a financial advisor and his son in Dallas, Texas Monday afternoon. According to a colleague of the financial advisor who preferred to speak off the record, the gunman, Robert Mustard, 60, was unhappy about a bad investment he made in some Fannie Mae bonds.
Mustard shot Richard Smith, 66, and his 39-year-old son Christopher multiple times in the offices of their firm, Smith Financial Group, before police confronted him. He then turned the gun on himself. The Smiths are in stable condition, but Mustard is in the intensive care unit at Baylor University Medical Center.
Smith Financial Group is affiliated with independent broker/dealer Williams Financial Group. Richard Smith has a spotless record, with no complaints on his CRD. His son, Christopher, is not registered with FINRA. Mustard is a disbarred former Dallas assistant attorney.
This marks the second time in a few months that a financial advisor has been threatened in his offices by a disgruntled client with a gun. In December, an Austin woman carrying a bottle of wine in one arm pulled a gun on individuals at financial firm Triton Financial in Bee Cave, Texas. Christine Ramsey Cayton, 46, invested $125,000 with the firm and demanded her money back.
Cayton was charged with aggravated assault with a deadly weapon and carrying an unlawful firearm. The SEC later charged Triton and its CEO, Kurt Barton with conducting a $50 million Ponzi scheme.
