Richard John Webb, of Beachwood, Ohio, a stockbroker previously registered with Park Avenue Securities LLC, has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Webb failed to respond to FINRA requests for information. Case No. 2022076653101 (September 8, 2023).
On August 15, 2023, FINRA issued a Notice of Suspension, stating that Webb was suspended starting September 8, 2023. The regulator stated that if Webb does not request termination of this suspension within three months of the suspension notice, he will automatically be barred by the regulator on November 20, 2023.
Public Disclosure shows that Webb is also referenced in a customer initiated investment related complaint filed on October 25, 2022, in which the customer requested $6,000.00 in damages based upon allegations that the e-signature on a 2019 fixed whole life insurance policy application was not the customer’s and that the customer did not authorize the e-signature during the time that Webb was associated with Park Avenue Securities LLC.
On March 29, 2023, a customer initiated investment related complaint involving Webb’s conduct was settled for $4,735.09 in damages based upon allegations that Webb engaged in forgery of a customer’s signature on fixed insurance documents submitted to Guardian Life Insurance Company when Webb was associated with Park Avenue Securities LLC.
Additionally, on January 16, 2023, Park Avenue Securities permitted Webb to resign based upon allegations that Webb engaged in signature irregularities on fixed life insurance policy documents for two of his customers. The resignation came during an internal review conducted by the employer.
Webb was associated with Park Avenue Securities LLC in Beachwood, Ohio from August 6, 2019, to February 3, 2023.