Gregory Alan Ricker of Boca Raton Florida a stockbroker formerly associated with Westpark Capital Inc. has been fined $5,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that he engaged in private securities transactions without the securities broker dealer’s approval. Letter of Acceptance Waiver and Consent No. 2019062084002 (June 29, 2020).
According to the AWC, in October of 2017, an investor was solicited by Ricker to purchase securities in a video game media and news company. The AWC stated that this investor was introduced by Ricker to the chief executive officer of that company. In December of 2017, the investor decided to make a $500,000.00 investment which was memorialized in a promissory note calling for the customer to be paid annually between June of 2018 and December of 2020. In April of 2018, an additional $250,000.00 investment had been made by the investor according to a stock purchase agreement. This agreement evidenced the $750,000.00 that the investor purchased in sum. Ricker was provided a fee for referring the investor to the company.
The AWC stated that Westpark was not provided with written notification from Ricker as to his solicitation of investments. The AWC stated that the company was not apprised about the $750,000.00 investment or the compensation Ricker made through his referral. Westpark was also provided with annual compliance questionnaires by Ricker in which he made false representations about selling away. FINRA determined that Ricker’s activities were violative of FINRA Rules 2010 and 3280.
This is not the first time that Ricker has been sanctioned by FINRA. On September 13, 2019, Ricker was suspended from associating with any FINRA member in any capacity based on findings that he was not compliant with the regulator’s request for information. Case No. 2019062084001.
Ricker has been identified in seven customer initiated investment related disputes concerning accusations of his misconduct when the stockbroker was employed by securities broker dealers including Wells Fargo Advisors and Westpark Capital. FINRA Public Disclosure reveals that a customer filed an investment related complaint in reference to Ricker’s conduct where the customer sought $17,000.00 in damages based upon accusations of Ricker failing to exercise an option. Another customer initiated investment related complaint regarding Ricker’s activities was resolved for $31,079.00 in damages founded upon allegations that trades were effected excessively and on an unauthorized basis in the customer’s account by Ricker.
Ricker is also the subject of a customer initiated investment related arbitration claim which was settled for $70,000.00 in damages based upon allegations that options trading was in no way suitable for the customer and that over-the-counter equities transactions were effected without the customer’s consent. The claim also alleges Ricker’s churning of the customer’s account while registered with Wells Fargo Advisors.
On March 21, 2019, another customer filed an investment related arbitration claim concerning Ricker’s activities where the customer sought $860,000.00 in damages founded on accusations that a fiduciary duty that was owed to the customer had been breached by Ricker and that Westpark Capital failed to supervise Ricker’s activities including his securities transactions that were executed away from the securities broker dealer. FINRA Arbitration No. 19-00714 (Mar. 13, 2019).
Ricker has also been referenced in a customer initiated investment related complaint which was settled for $22,500.00 in damages on September 17, 2019 supported by allegations that unauthorized transactions were facilitated in the customer’s account and that the customer’s account was churned by Ricker during the period in which Ricker was employed by Westpark Capital.
Ricker’s registration with Westpark Capital has been terminated as of April 30, 2019.
