Richard was an M.P. for Bucks, and Treasurer of the Navy in 1718 but in 1720 a deficiency of £73,706 appeared in his accounts, said to be due to speculations in the South Sea scheme. He unfortunately lost over £95,000 in the "South Sea Bubble" disaster, which entailed the forfeiture of "many of his estates in the vicinity of Great Hampden". A bill was brought in Parliament to enable the Treasury to strike a deal with him and the affair created a great scandal.