If you invested through WestPark Capital, Inc. securities broker Gregory Ricker (CRD#: 1834893, Boca Raton, Florida), you might be a victim to his allegedly harmful trading. Not only has FINRA suspended Ricker for his failure to comply with its requests, but at least seven clients of his brought formal disputes about his sales practices. The following contains a brief summary of allegations against the broker, who worked for WestPark from January 8, 2013 to April 30, 2019.
FINRA Suspended Gregory Ricker For Failing To Respond To Requests
FINRA announced on August 20, 2019 that it issued a suspension to Gregory Ricker because he failed to respond to a FINRA request made in connection with an inquiry or investigation. Notably, FINRA Rule 8210 requires a securities broker to supply information to FINRA and even testify as to matters concerning the securities broker. Here, FINRA issued Ricker a suspension effective September 13, 2019. It appears that FINRA will bar Ricker on November 25, 2019 unless he requests a termination of that suspension. While it is unclear as to the specific information FINRA sought, it likely relates to two client complaints filed this year about Ricker. These complaints suggest that Ricker churned investment accounts, sold unsuitable investments, and engaged in private securities transactions.
WestPark Capital Investor Files Complaint Indicating Ricker Churned Account
A client of WestPark brought a formal dispute about Gregory Ricker on July 11, 2019. Allegedly, Ricker churned the client’s account. Supposedly, Ricker made stock trades mainly for the purpose of generating commissions from the client regardless of the client’s interests. In addition, the client alleged that Ricker sold the client unsuitable investments. For this reason, the client demanded $200,000 in damages in this ongoing matter.
Gregory Ricker Allegedly Breaches Fiduciary Duty Owed to WestPark Client
Evidently, on March 21, 2019, a different WestPark client brought FINRA Arbitration #: 19-00714 about Gregory Ricker. Supposedly, Ricker participated in private securities transactions (also known as “selling away”) with this client. Allegedly, Ricker invited the client to purchase or sell investments that WestPark Capital Inc. neither offered nor approved.
It appears that Ricker may have engaged in these private securities transactions without telling WestPark Capital Inc. The client alleged that Ricker breached a fiduciary duty. Not only that, but the firm allegedly failed to supervise Ricker which caused the client to sustain losses. Because of this, the client demanded $860,000. This matter is underway.
Investors Suggest Ricker Made Excessive And Unauthorized Trades
FINRA BrokerCheck shows that A.G. Edwards & Sons, Inc. and Wells Fargo Advisors LLC clients also disputed Gregory Ricker’s sales practices. Apparently, three of his clients alleged that he made unauthorized trades in their accounts. A couple of clients indicated that Ricker excessively traded or churned their accounts. Evidently, three of the disputes settled through payments to clients which altogether exceed $100,000. However, two of the disputes closed without resolution.
Have you experienced losses by investing with Gregor Ricker? 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.