John Alex (CRD: 2020710) settled customer disputes at Morgan Stanley and UBS Financial Services between 2011 and 2025, according to BrokerCheck, which lists him as John L. Alex.
Richard Rappaport is named in a pending arbitration claim over DST investments recommended by WestPark Capital, according to his BrokerCheck report, which lists him as Richard Alyn Rappaport (CRD: 1885122).
His BrokerCheck report also shows a 2021 FINRA settlement over promissory note sales and a 2006 regulatory event.
Without admitting or denying the findings, Richard Rappaport consented to sanctions and to findings that he made negligent misrepresentations and omissions in connection with the sale of promissory notes issued by his member firm's parent company. The matter was filed November 22, 2021.
The findings stated that WestPark gave investors offering documents, approved by Rappaport, that contained material misrepresentations and omitted material facts. Among them, the documents failed to disclose that the parent company had defaulted on its line of credit and on successive forbearance agreements.
In his own statement, Rappaport wrote that FINRA felt he violated FINRA Rule 2010, Standards of Commercial Honor and Principles of Trade, and FINRA Rule 3110(a), which covers supervision. He described himself as the series 24 license overseeing WestPark Capital, the broker dealer. He said he elected to settle because "it would have cost $2 to $3 million to go to a hearing" and the case would have distracted from business.
An older entry, filed October 12, 2006, cites NASD Rule 2110 and states that Rappaport failed to comply with a suspension.
Claimants in the pending case, filed August 25, 2026 under docket number 26-01815, allege that in February and April 2022, WestPark recommended approximately $2.5 million in three Versity-sponsored DST investments. They allege this was done without adequate due diligence, disclosure of material sponsor-related risks and conflicts, or reasonable supervision, and they cite alleged investment losses.
Richard Rappaport denies the allegations and denies having supervisory or approval responsibility for the transactions at issue, according to his statement on the disclosure.
FINRA Rule 2010 requires brokers and firms to observe high standards of commercial honor. It also requires just and equitable principles of trade. FINRA often charges this rule alongside a more specific one. That is because breaking another FINRA rule also falls short of those standards.
FINRA Rule 3110 requires every member firm to keep a supervisory system, including written procedures. The firm must design that system to reasonably achieve compliance with the securities laws and FINRA rules. The duty also applies while its brokers do business.
FINRA member firms must supervise the activities of their brokers. If you have questions about an account that Richard Rappaport handled, call Soreide Law Group at (888) 760-6552. You can also reach us online to speak with a securities attorney. Our securities lawyers handle FINRA arbitration claims on a contingency fee basis. Learn how FINRA arbitration works.
This post summarizes public FINRA records, including BrokerCheck, as of October 6, 2026. Allegations in customer complaints and arbitrations are claims, not findings. Pending claims remain open and undecided. A settlement is also not an admission of wrongdoing. FINRA may also update or correct these records after that date.
John Alex (CRD: 2020710) settled customer disputes at Morgan Stanley and UBS Financial Services between 2011 and 2025, according to BrokerCheck, which lists him as John L. Alex.
Sam Bhushan (CRD: 4884717) is named in several pending customer complaints and one settled dispute, according to his BrokerCheck report.
Sterling Louviere (CRD: 2021328), listed on BrokerCheck as Sterling Vaughn Louviere, is named in a pending customer claim over Reg D private placements, with Cabin Securities as the firm named.
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