Westpark Capital General Securities Representative Consents to $75,000 Disgorgement of Compensation Received in Unapproved Private Securities TransactionThursday, July 16, 2020
The Financial Industry Regulatory Authority (FINRA) Department of Enforcement recently approved a Letter of Acceptance, Waiver and Consent (AWC) submitted by former general securities representative Gregory Ricker to resolve allegations of participating in private securities transactions without notifying his brokerage firm, Westpark Capital, Inc. (Westpark). Ricker was associated with Westpark in Boca Raton, Florida from January 2013 until April 2019 when he voluntarily resigned.
According to the AWC, Ricker participated in private securities transactions from December 2017 through April 2018 by referring a potential investor to a videogame media and news company. In October 2017, Ricker allegedly introduced this individual, who was not a Westpark customer, to the company’s CEO to discuss a prospective investment. In December 2017, this individual invested $500,000 in the company and another $250,000 in the company, documented with a stock purchase agreement, in April 2018. Ricker was allegedly compensated a total of $75,000, ten percent of each investment, as a referral fee.
By participating in a private securities transaction without providing written notification to Westpark and without obtaining approval, Ricker violated FINRA Rules 3280 and 2010.
Without admitting or denying the allegations made against him by FINRA, Ricker consented to a six-month suspension from associating with any FINRA member firm in any capacity, a $5,000 fine and disgorgement of $75,000 compensation received, plus interest. Ricker’s FINRA BrokerCheck report shows two customer disputes filed in 2019 that claim churning, unsuitable trading , breach of fiduciary duty and failure to supervise.
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