FINRA Permanently Bars Broker Richard McGuire for Taking Funds and Forging Signatures

Allegations include conversion and elder financial fraud among numerous other unethical acts

FINRA has taken strong action against investment broker Richard McGuire, a long-time broker who was most recently registered with Newport Coast Securities Inc. and Financial West Group, both located in New York.

McGuire has been permanently barred from associating with any FINRA member in any capacity for numerous alleged unethical actions including stealing from his clients, forging signatures, failing to notify his brokerage firms about outside brokerage accounts, and taking advantage of older and unsophisticated clients for his own personal gain.

According to the complaint outlined by FINRA, Mr. McGuire received a $95,000 check from a customer and used these funds to pay personal and business expenses along with numerous other unethical acts. In addition to being barred from any interaction with the financial industry, he has been ordered to pay back this $95,000 in restitution.

After a failed defense, FINRA maintains that McGuire committed the following unethical acts:

• Converted a former client’s investment funds for personal use

• Forged client signatures

• Engaged in outside business activities without providing written notification to the brokerage firm with which he was employed

• Failed to notify his brokerage firms about outside accounts

• Failed to report tax liens on his Form U4

McGuire has worked in the brokerage industry since 2003 at several brokerage firms in the Northeast including:

• Newport Coast Securities Inc.

• Financial West Group

• Cabot Lodge Securities LLC

• Investacorp Inc.

• Ameritas Investment Corp.

• TFS Securities Inc.

• MML Investors Services Inc.

• New England Securities

If you or someone that you know has been affected by the actions of Richard McGuire or find yourself questioning the actions of a member of your investment firm, you may be able to recover some of your lost funds.

Silver Law Group is a national securities arbitration and investment fraud law firm that has represented many victims that have lost their money at the hands of a trusted investment broker or other financial advisor. Our firm does not receive any fees unless we help you recover funds that you have lost.

The legal team at Silver Law Firm is committed to our customers and will fight to recover money that has been misused without your knowledge or permission. Call us at 1-800-975-4345 for more information or to speak with a member of our trusted legal team.