Richard E. Poston, of Plano, Texas, a stockbroker with H. Beck, Inc., disclosed via FINRA’s BrokerCheck that he settled a customer dispute for $185,000.00 on March 28, 2016, after the customer alleged that Poston engaged in the unsuitable recommendation of non-traded real estate investment trusts.
FINRA Public Disclosure records reveal that Poston has been recently subject to three additional customer disputes. On November 25, 2002, a customer requested $85,561.00 in damages in connection with allegations against Poston of mismanaging the customer’s investment account, causing the customer to bear investment losses associated with investments in illiquid limited partnerships.
On January 21, 2003, Poston became subject to a customer dispute, where the customer requested $100,000.00 in damages after alleging that Poston made unsuitable investment recommendations that caused the customer to suffer significant market loss. On October 20, 2003, a customer lodged a dispute against Poston, in which the customer requested $75,000.00 in damages after alleging that Poston made unsuitable investment recommendations.
On December 9, 2015, H. Beck, Inc. terminated Poston amid allegations that Poston failed to cooperate in the firm’s internal investigation into his misconduct. Two days later, FINRA launched an investigation into Poston, and expressed intentions of disciplining Poston for violating FINRA Rules 8210, 2010, 2150, and 3240. Wells Notice Examination No. 20150455785 (Dec. 11, 2015).
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