According to FINRA’s March 2016 Disciplinary Report, Richard A. McGuire (CRD #4637028, Bay Shore, New York) was recently barred from association with any FINRA member in any capacity and ordered to pay $95,000, plus interest, in restitution to a customer’s estate. The NAC affirmed the findings and sanctions imposed by OHO. The NAC found that McGuire took $95,000 from a customer under false pretenses, used the money for his own purposes, and then, when the customer requested the money back, refused to comply with her request. The NAC also found that McGuire forged or caused to be forged the customer’s signatures on loan agreements he generated and copied, supplied to FINRA, and used in an effort to support his false assertions that the customer loaned him money. Further, 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 likewise failed to inform the brokerdealers holding his accounts of his association with his firms. Finally, the NAC found that McGuire willfully failed to disclose state tax warrants and a federal tax lien on his Form U4.
For FINRA’s full findings, see FINRA Case #2011027350301.
According to McGuire’s FINRA BrokerReport, he was registered with Newport Coast Securities from 12/2014 – 04/2015, Financial West Group from 07/2014 – 11/2014, and Cabot Lodge Securities from 03/2013 – 08/2014.
The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group.
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