July 2021- San Clemente, CA
According to publicly available records Gregory McCloskey (CRD#2820510), a former stockbroker who last worked for Westpark Capital, has been permanently barred from FINRA.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In December of 2021, in case #2018059242801, FINRA alleged that McCloskey participated in two undisclosed private securities transactions (PSTs) involving a customer who was an elderly, retired widow, and then sought to conceal these transactions from his member firms andFINRA. The complaint alleges that McCloskey solicited the customer to purchase $20,000 in shares of stock in a company. The customer, an elderly, retired widow, sent a written complaint to his firm address about her investment. In an attempt to conceal his misconduct, McCloskey arranged to have his sister purchase the customer’s $20,000 investment in the company’s stock. McCloskey was permanently barred from FINRA as a result.
In May 2017, without admitting or denying the findings in case #2015044037901, McCloskey consented to sanctions and to the entry of findings that he participated in a series of private securities transactions without providing written notice to or receiving approval from his member firm to engage in such activity. Sanctions were a suspension of 15 business days and a $5,000 fine.
In April 2018, a Newport Coast Securities customer alleged misrepresentation, suitability concerns and high fees with alleged damages of $20,000. The case is still pending.
If you had an account with Gregory McCloskey that suffered losses, you may be entitled to collect damages from his prior employer. Call to discuss your options.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, 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.
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