Previously registered broker Gregory McCloskey (also known as Gregory Walter McCloskey, Gregory W Meier, and Gregory Walter Meier) allegedly participated in two undisclosed private securities transactions between 2008 and 2018 according to the Department of Enforcement’s Complaint, under review by investor rights attorney Alan Rosca.
Investor rights attorney Alan Rosca of the Rosca Scarlato LLC law firm and his colleagues are investigating activity related to Gregory McCloskey’s alleged participation in private securities transactions and alleged failure to disclose the private securities transactions to his FINRA member firm.
Investors who are concerned about their investments with McCloskey are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation case evaluation and discussion of their recovery options. Call 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
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McCloskey Allegedly Failed to Disclose His Alleged Participation in Private Securities Transactions
In 2008, while associated with Newport Coast, McCloskey allegedly solicited an elderly customer to purchase $20,000 in shares of stock of a technology company that purportedly developed a wireless network system to control lighting for energy conservation. McCloskey allegedly never disclosed the transaction to his FINRA member firm, according to the complaint.
Subsequently, Gregory McCloskey allegedly failed to disclose a written complaint from the elderly customer who was concerned about their $20,000 investment with the technology company. He allegedly failed to timely disclose the written complaint to his FINRA member firm and as a result, the firm was unable to timely report the complaint to FINRA.
Around May 2018, McCloskey allegedly participated in another private securities transaction. He allegedly recommended for his sister to purchase shares of his previous customer’s stock of $20,000.
Again, McCloskey allegedly failed to provide prior written notice to his FINRA member firm before participating in the private securities transaction in May 2018, the complaint notes.
McCloskey Allegedly Provided False Information During FINRA’s Investigation
During FINRA’s investigation, McCloskey allegedly urged one of his customers to create and sign a false written statement indicating that he did not participate in any manner in the customer’s $20,000 investment in the technology company, the complaint states.
In exchange, he allegedly offered to let the customer keep the $20,000 from his sister in the private securities transaction and to also keep their share of stock in the technology company. The customer allegedly rejected McCloskey’s proposal.
Gregory Walter McCloskey allegedly used an unapproved email address for securities-related communications with the customer while he was associated with his FINRA member firm, WestPark Capital.
Around July 2018, during a personal activity questionnaire, McCloskey allegedly provided false or misleading statements to FINRA in response to four questions, the complaint notes.
In addition, he allegedly provided false information on WestPark Capital’s annual compliance questionnaire about his private securities transaction with two customers.
In April 2021, Gregory Walter McCloskey submitted an Offer of Settlement which was accepted by the Office of Disciplinary Affairs according to which McCloskey consented, without admitting or denying the allegations of the Complaint, to being barred from associating with any FINRA member in any capacity. On April 7, 2021 FINRA issued an Order Accepting Offer of Settlement barring Gregory McCloskey in all capacities for indefinite duration.
McCloskey is the Subject of A Customer Dispute Disclosure
One customer filed a dispute involving McCloskey in April 2018 alleging misrepresentation, suitability concerns, and high fees, according to his FINRA Brokercheck page. The customer is seeking $20,000 for the alleged damages.
FINRA Previously Sanctioned Gregory McCloskey for Alleged Participation in Private Securities Transactions
Between 2008 and 2010, while associated with Newport Coast, McCloskey allegedly participated in multiple private securities transactions without obtaining approval from the firm, according to FINRA Letter of Acceptance, Waiver and Consent (AWC).
Allegedly, Gregory McCloskey personally invested $50,000 in a lighting and energy networking company in February 2008. Between 2009 and 2010, he allegedly introduced two of his customers to the company and each customer invested $25,000, the AWC notes.
As a result of McCloskey’s alleged misconduct, without admitting or denying the allegations, he consented to a suspension from associating with any FINRA member firm in all capacities for 15 business days and a $5,000 fine, according to the AWC.
McCloskey Was A Registered Broker with FINRA for 29 Years
McCloskey joined the securities industry in 1997 and he switched employers nine times according to his FINRA Brokercheck page:
More recently, between 2007 and July 2016, McCloskey was registered with Newport Coast Securities in Irvine, California, a firm expelled by FINRA in June 2018. He joined Westpark Capital in Newport Beach, California, in July 2016 where he was a broker until his resignation in October 2019.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
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Potential Options for McCloskey Investors
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or broker misconduct and is currently investigating Gregory McCloskey’s alleged participation in private securities transactions.
The firm takes most cases of this type on a contingency fee basis and advances the case costs, and only gets paid for their fees and costs out of any money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors in cases ranging from arbitrations to class actions.
Investors who are concerned they may have suffered a loss may contact Alan Rosca for a free no-obligation evaluation of their recovery options by calling 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
