roker Gregory McCloskey Allegedly Misrepresented Investments
The investment loss lawyers at Soreide Law Group are considering potential investor claims against securities broker or financial advisor, Gregory McCloskey (CRD#: 2820510, Irvine, California). Namely, the securities broker, who worked for Newport Coast Securities (2007 to 2016) and Westpark Capital Inc. (2016 – present) has two alarming disclosures on his FINRA BrokerCheck Report – a client dispute and a regulatory sanction. These disclosures seem to suggest that McCloskey made shady investment sales and misrepresented investments.
Newport, Westpark Client Alleges Gregory McCloskey Sold Unsuitable, Misrepresented Private Placements
Gregory McCloskey disclosed through BrokerCheck that a client of Newport and Westpark contested his sales practices on April 30, 2018. First of all, the client suggested that McCloskey misrepresented a private placement. Allegedly, through making lies or misleading statements, McCloskey convinced the client to agree to the investment. Supposedly, the private placement was not reasonable or suitable because of the client’s needs, objectives or risk tolerance. Not only that, but McCloskey supposedly caused the client to pay excessive fees. For this reason, the client asked for $20,000 in compensation in this pending matter.
FINRA Issues Suspension, Fine To McCloskey For Private Securities Transactions
It appears that McCloskey entered into a Letter of Acceptance, Waiver and Consent to resolve FINRA’s allegations of him violating FINRA and NASD rules by selling away from Newport Coast Securities. Namely, the AWC shows that McCloskey facilitated a “series of private securities transactions” without Newport’s knowledge or consent. Those activities were prohibited under NASD rules as those rules required, among other things, McCloskey to get permission from his employer before entering into private securities transactions. It appears that unbeknownst to Newport, McCloskey arranged for two Newport clients to invest $50,000 in an energy networking company.
Gregory McCloskey Sell You Bad Investments?
Experienced losses due to Westpark Capital securities broker Gregory McCloskey? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.