Richard A. McGuire, of Bay Shore, New York, has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public for allegedly taking $95,000 from a customer under false pretenses and refusing to give the money back when the customer requested it.
The National Adjudicatory Council (NAC) of the Financial Industry Regulatory Authority (FINRA) affirmed the findings and sanctions imposed by the Office of Hearing Officers (OHO) which found that Richard McGuire converted $95,000 of a former customer’s money by using the money for his personal use and forged her signature on two loan agreements. FINRA’s Department of Enforcement had found that Mr. McGuire was allegedly given the money to invest in an annuity-like product and neither loaned him the money nor signed any loan documents.
For allegedly forging his customer’s signature, Richard McGuire was barred from association with any FINRA member in any capacity. Further, for converting his customer’s funds, he was ordered to pay $95,000, plus interest, in restitution.
Stockbrokers have been known to engage in many types of practices which violate industry and firm rules, practices, and procedures. In order to protect customers from stockbroker misconduct, FINRA rules require broker-dealers like Ameritas and TFS Securities to not only establish and implement a reasonable supervisory system but enforce their rules, policies and procedures. The implementation of the rules require supervisors to monitor employees to ensure they comply with federal and state securities laws, securities industry rules and regulations, and the firms, such as Ameritas and TFS Securities, own policies and procedures. If broker dealers and/or their supervisors do not establish, implement and enforce these protective measures, they may be liable to investors for damages which flow from the misconduct. As a result, investors who have suffered losses because of their stockbroker’s unlawful or prohibited conduct can file a claim to recover damages against broker dealers, like Ameritas and TFS Securities, which should consistently oversee its employees in order to prevent stockbroker misconduct.
Have you suffered losses in your Ameritas or TFS Securities account due to your stockbroker’s misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against stockbrokers for misrepresentations, unauthorized use of funds, forgery, or other prohibited conduct.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities, and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please post a comment, call (800) 732-2889, send Mr. Pearce an email at firstname.lastname@example.org, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.