Former New York Broker, Richard A. McGuire, Barred by FINRA and Ordered to Pay $95,000 in Restitution to Client

Soreide Law Group (888-760-6552) found the following information from FINRA's Disciplinary Report, March 2016.

Richard A. McGuire (CRD #4637028, Bay Shore, New York) Alternate Names: RICH ALLEN MCGUIRE, RICH MCGUIRE

was barred by FINRA and ordered to pay $95,000, plus interest, in restitution to a client’s estate. The NAC (National Adjudicatory Council a FINRA committee that reviews initial decisions rendered in FINRA disciplinary and membership proceedings) affirmed the findings and sanctions imposed by OHO. The NAC found that allegedly McGuire took $95,000 from a client under false pretenses, used the money for his own purposes, and then, when the client requested the money back, refused to comply with her request.

The NAC also found that McGuire allegedly forged the client’s signatures on loan agreements he generated, copied, and supplied to FINRA, and used in an effort to support his false assertions that the client had loaned him money.

Also, the NAC found that McGuire failed to provide notice of several outside business activities to his member firms, failed to inform three of his firms of the existence of brokerage accounts held away from those firms, and failed to inform the broker/dealers holding his accounts of his association with his firms. The NAC also found that McGuire willfully failed to disclose state tax warrants and a federal tax lien on his Form U4.

(FINRA Case #2011027350301)

Richard A. McGuire had been in the securities industry for 11 years. FINRA has permanently barred McGuire from acting as a broker or otherwise associating with firms that sell securities to the public. He was previously registered with the following firms:

12/2014 - 04/2015 NEWPORT COAST SECURITIES, INC. - NEW YORK, NY

07/2014 - 11/2014 FINANCIAL WEST GROUP - BAY SHORE, NY

03/2013 - 08/2014 CABOT LODGE SECURITIES LLC - BAY SHORE, NY

06/2011 - 12/2012 INVESTACORP, INC. - BAY SHORE, NY

12/2009 - 04/2011 AMERITAS INVESTMENT CORP. - WALL, NJ

05/2008 - 12/2009 TFS SECURITIES, INC. - GARDEN CITY, NY

If you were a client of Richard A. McGuire and suffered losses due to his behavior/recommendations, call Soreide Law Group for a free consultation regarding the possibility of recovering your funds at: 888-760-6552.

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