The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. FINRA’s chief role is to protect investors by maintaining the fairness of the U.S. capital markets.
All stockbrokers and broker dealers (brokerage firms) are required to be licensed by and subject to the rules and regulations of FINRA. Each month FINRA publishes disciplinary actions against brokers and broker dealers. Discipline can range from monetary fines and suspensions, or in extreme cases, revocation of licensing and a bar from the securities industry.
See the FINRA website for current and historical disciplinary actions.
July 2013
Richard Allen McGuire (CRD #4637028, Registered Representative, Bay Shore, New York) was named a respondent in a FINRA complaint alleging that he converted a total of approximately $95,000 from a former customer by misrepresenting that purported investments of $60,000 and $35,000 were for the purchase of products similar to annuitiesand issued by a company he owned and controlled. The checks the customer provided were deposited in a bank account that McGuire controlled, and McGuire used them to
pay for personal expenses and to benefit his unapproved outside business. The complaint alleges that when the customer asked to withdraw a portion of her $95,000 investment, McGuire declined to do so, advising her that a withdrawal would result in the assessment of severe financial penalties. The complaint also alleges that in response to FINRA inquiries, McGuire provided copies of loan agreements, in which he forged or caused to be forgedthe customer’s signature, reflecting the customer’s purported loan of $95,000 to McGuire’s business. The customer never made any loans to McGuire or his company.
The complaint further alleges that McGuire failed to notify his member firms of his activities related to outside businesses, including his company. In addition, the complaint alleges that McGuire failed to make written notification to his member firms of securities accounts he maintained, one in his own name and one in his company’s name, at other brokerage firms; and also failed to notify the broker-dealers where he maintained the accounts of his association with member firms. Moreover, the complaint alleges that McGuire willfully failed to disclose unsatisfied state and federal tax liens on his Form U4. (FINRA Case #2011027350301)
According to FINRA records, McGuire is currently registered with Cabot Lodge Securities since 3/4/2013. He was previously registered with the following firms:
InvestaCorp Inc.
6/2011-12/2012
Ameritas Investment Corp.
12/2009-4/2011
Ameritas Investment Corp. was formed in 1984. They have nearly 1,300 registered representatives in over 550 offices nationwide. Their main office is located in Lincoln, Nebraska.
TFS Securities, Inc.
5/2008-12/2009
Rex Securities Law , located in Boca Raton, FL, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
561 391 1900