Richard Earl Cagle of Corpus Christi Texas a stockbroker formerly employed by Hilltop Securities Independent Network Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Cagle hindered a FINRA investigation concerning (1) Cagle possibly making bad investment recommendations to customers of Hilltop Securities and (2) Cagle potentially falsely marking customers’ order tickets. Letter of Acceptance Waiver and Consent No. 2018060287901 (July 5, 2019).
According to the AWC, Cagle became investigated by FINRA in 2018 when he was employed by Hilltop Securities Independent Network Inc. Evidently, on July 18, 2019, Cagle received a FINRA request under Rule 8210 in which he was required to provide recorded testimony about his possible mismarking of order tickets and unsuitable investment recommendations during the period that he was employed by the firm.
The AWC stated that FINRA was contacted by Cagle a day later in which Cagle conveyed that he received FINRA’s correspondence but would at no point cooperate with FINRA personnel by testifying. FINRA concluded that Cagle’s refusal to make an appearance constituted the violation of FINRA Rules 2010 and 8210, resulting in Cagle being barred by FINRA in all capacities.
FINRA Public Disclosure confirms that Cagle is referenced in two customer initiated investment related disputes containing allegations of his violative conduct when employed with Hilltop Securities Independent Network Inc. Particularly, a customer initiated investment related arbitration claim concerning Cagle’s activities was resolved for $230,000.00 in damages based upon accusations that bad investment recommendations had been made by Cagle concerning the stock and over-the-counter equities investments held in the customer’s account which caused the customer to suffer unwarranted losses. FINRA Arbitration No. 18-03357 (Mar. 4, 2019). Additionally, on March 4, 2019, a customer initiated investment related complaint regarding Cagle’s conduct was settled for $20,000.00 in damages supported by allegations that the customer was inappropriately advised on the common or preferred stock transactions placed in the customer’s account.
Cagle’s employment with Hilltop Securities Independent Network Inc. was terminated on March 12, 2019.
