Last Updated: March 2025 | Newport Beach, CA
Richard R. McCloskey Investigation Summary
Here’s what you need to know about Newport Beach, CA, former stockbroker Richard R. McCloskey:
- Name: Mr. Richard Robert McCloskey
- Current Status: Not currently registered
- Prior Employers:
- Cetera Advisor Networks LLC (Newport Beach, CA) (08/2023 – 11/2024)
- Securian Financial Services, Inc. (Newport Beach, CA) (05/1988 – 08/2023)
- Worthmark Financial Services, LLC (Newport Beach, CA) (03/2000 – 03/2006)
- Consolidated Resources, Inc. (1984 – 1988)
- The Minnesota Mutual Life Insurance Company (1970 – 1985)
- IRG Securities, Inc. (1982 – 1984)
- Integrated Resources Equity Corporation (1979 – 1983)
- North Star Equities Company (1970 – 1977)
- Function: Stockbroker / Financial Advisor
- DBA: TFG Tax and Financial Group, Worthmark Financial Services
- Aliases: Richard McCloskey
- Primary Location: Newport Beach, CA (offices in Hawaii, Colorado, Ohio and Texas)
- CRD #: 325602
- Can Richard McCloskey be sued in FINRA arbitration? Yes
- Sanctioned by FINRA? No
- Pending Customer Dispute Seeks Damages of: Amount currently not specified.
If you’ve sustained damages from Mr. McCloskey, discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Richard McCloskey As Your Stockbroker?
A pending customer dispute has been filed by a customer of Securian Financial and Cetera Advisor Network alleging that Richard McCloskey made an unsuitable recommendation regarding a variable life insurance policy. The case, currently under FINRA arbitration, alleges that McCloskey recommended a policy that was not in the client’s best interests, causing financial damages.
- Filing Date: November 27, 2023
- Case Number: Pending FINRA Arbitration
- Alleged Misconduct: Unsuitable investment recommendation
- Complaint Status: Pending- damages currently unspecified
Allegations of Broker Misconduct Against Richard McCloskey
A customer alleges the following misconduct by Richard McCloskey:
- Unsuitable Investment Recommendations –violating FINRA Rule 2111 (Suitability Rule).
- Failure to Act in Client’s Best Interest –
These violations fall under FINRA Rule 2111 (Suitability Rule) and FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade), which require brokers to provide suitable recommendations and maintain ethical business practices.
Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090)
Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer.
FINRA Rule 2111- suitability -Regulation Best Interest
Recover Your Investment Losses Now With Rex Securities Law
Investigation of Cetera Financial Brokers-Lawsuits, Arbitrations & Disputes
If you have suffered investment losses in an account handled by Richard McCloskey, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL, and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors, and broker-dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis, meaning that you do not pay legal fees unless we are successful.