Richard Eugene Whitley, a former H.D. Vest general securities representative, was barred from association with any FINRA registered firm in all capacities after Whitley failed to cooperate with a FINRA investigation into allegations of that Whitley, while employed at his former firm, engaged in unsuitable trading in customer accounts. Letter of Acceptance, Waiver and Consent No. 2013036068201 (June 12th, 2015).
Acceptance, Waiver and Consent
According to the Acceptance, Waiver and Consent (“AWC”), on April 2, 2015, FINRA sent a written request to Whitley to appear for testimony on May 13-14 of 2015. The AWC indicates that Whitley then informed FINRA on April 23, 2015, that he would not be providing testimony at any point.
Failing to Cooperate with FINRA’s Investigations
FINRA registered representatives like Vaughan who do not cooperate with FINRA’s investigations often face a permanent bar from practicing in the securities industry as such lack of cooperation violates FINRA’s Rule 8210 – requiring that no member or person shall fail to provide information or testimony or permit an inspection and copying of books, records, or accounts pursuant to the rule. FINRA typically accompanies a Rule 8210 violation with a Rule 2010 violation when individuals, according to FINRA, do not appear to observe high standards for commercial honor and just and equitable principles of trade.
Public Disclosure Records on Richard Eugene Whitley
Public disclosure records reveal that Whitley has subject to 13 customer disputes. On July 22, 1986, Whitley settled a customer dispute for $10,000.00 after a customer alleged misrepresentation and unsuitable investments during 1983. On December 18, 2012, Whitley settled a dispute with a customer for $200,000.00 after the customer alleged unsuitable transactions. On October 15, 2003, An award/judgment was entered against Whitley for $47,000 regarding a suitability issue. On January 30, 2004, Whitley settled a customer dispute for $9,500.00 after a customer alleged negligence, omission of facts, and suitability. On September 14, 2004, Whitley settled a dispute for $34,000.00 after a customer alleged failure to disclose fees and misrepresentation regarding the risks associated with investments. On August 21, 2006, Whitley settled a customer dispute for $55,000.00 after a client alleged that he assured a client a bond purchase was guaranteed that later went into default. On July 11, 2012, Whitley settled a dispute for $125,000 after a client alleged representatives did not recommend diversification for position in stock a client received from a company the client worked for. On October 1, 2012, Whitley settled a dispute for $35,000.00 after a client alleged the positions in which he was invested were not suitable.
Guiliano Law Group
Investors suffering losses or damages caused by Richard Eugene Whitley in connection with this aforementioned conduct may be able to recover their investment losses. Our practice is limited to the representation of investors in claims, for fraud in connection with the sale of securities, the sale or recommendation of excessively risky or unsuitable securities, breach of fiduciary duty, and the failure to supervise. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you, and there is never any charge for a consultation or an evaluation of your claim. For more information contact us at (877) SEC-ATTY