The Financial Industry Regulatory Authority (FINRA) alleges that between 2008 and 2018, Respondent Gregory Walter McCloskey, also known as Gregory Meier, is alleged to have defrauded at least one and possibly more elderly investor.
While associated with FINRA member firms, including Westpark Capital and Newport Coast Securities, McCloskey participated in two undisclosed private securities transactions (“PSTs”) involving an elderly, retired widow, and then sought to conceal these transactions from his member firms and FINRA. There are very few legitimate reasons for not disclosing such transactions and create a strong inference of fraud.
McCloskey has been alleged to have committed such actions in the past. He previously consented to the sanctions and to the entry of findings that he participated in a series of private securities transactions without providing written notice to or receiving approval from his member firm to engage in such activity. The findings stated that specifically, McCloskey, without his firm’s approval, personally invested $50,000 in a lighting and energy networking company and introduced two of his customers to the company, and they invested a total of $50,000. For this he received a 15-day suspension and his firms were required to give him heightened supervision.
In October 2019, McCloskey was permitted to resign from Westpark Capital. This was in response to allegations that he failed to abide by the heightened supervision placed upon him.
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