Gregory Walter McCloskey, of Irvine, California, a stockbroker formerly registered with Newport Coast Securities, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he sold away from his firm. Letter of Acceptance, Waiver and Consent, No. 2015044037901 (May. 1, 2017).
According to the AWC, from 2009 to 2010, two of the firm’s customers were introduced by McCloskey to CW – an entity that McCloskey previously made a $50,000.00 investment in. Subsequently, the customers each made $25,000.00 contributions in CW. Apparently, these transactions were not made known to the firm by McCloskey, and the firm never provided McCloskey with approval to effect the transactions. FINRA found that McCloskey’s conduct was violative of FINRA Rule 2010 as well as NASD Rules 2110 and 3040.
McCloskey’s registration with Newport Coast Securities, Inc. was terminated on July 20, 2016. Since July 18, 2016, he has been registered with Westpark Capital, Inc.
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