WestPark Terminates Stockbroker For Failure To Comply With Heightened Supervision

FINRA Stock Broker Fraud Lawyers

Gregory Walter McCloskey (also known as Gregory Walter Meier) of Newport Beach California a stockbroker formerly registered with WestPark Capital Inc. has been terminated by the securities broker dealer on October 7, 2019 founded on accusations that McCloskey failed to comply with a heightened supervision plan that was implemented because of his misconduct in the securities industry.

FINRA Public Disclosure confirms that McCloskey has been fined and suspended from associating with any FINRA member in any capacity supported by allegations that he sold securities away from prior securities broker dealer employer, Newport Coast Securities Inc. Letter of Acceptance, Waiver and Consent No. 2015044037901 (May 1, 2017).

According to the AWC, two Newport Coast customers were advised by McCloskey to purchase investments in CW – an investment Newport Coast did not offer to its customers. Newport Coast neither received notification from McCloskey in regard to the private securities transactions nor authorized those transactions. McCloskey violated FINRA Rules 2010 and NASD Rules 2110 and 3040 by selling away.

Also, McCloskey is the subject of a customer initiated investment related complaint on April 30, 2018 where the customer requested $20,000.00 in damages based upon accusations that when McCloskey was employed by Newport Coast or WestPark Capital, the securities he recommended or sold through a private placement were wholly unsuitable; false or misleading statements had been made by the stockbroker concerning the terms, conditions or risks of those investments; and the customer was excessively charged.