Former Hilltop Securities Financial Advisor, Richard Cagle, Barred By FINRA For Refusing To Participate In Investigation Into His Sales Practices

• July 16, 2019
• Hilltop Securities

Richard Earl Cagle was a Financial Advisor at Hilltop Securities Independent Network in Corpus Christi, TX.  Richard Cagle has been in the securities industry since 1991 and previously worked at Principal Financial Securities in Dallas, TX. 

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in July 2019, FINRA barred Richard Cagle from acting as a broker or otherwise associating with a broker-dealer firm for refusing to “appear and provide an on-the-record testimony requested by FINRA, when it commenced an investigation into whether he violated FINRA rules by making unsuitable investment recommendations and mismarking customer order tickets while associated with his former member firm.” 

For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2018060287901%20Richard%20Earl%20Cagle%20CRD%202122648%20AWC%20jm.pdf.

In addition, Richard Cagle was the subject of two customer complaints alleging the following:

• February 2019 – “Unsuitable recommendation.”  Alleged damages were $5,000 and the matter settled for $20,000.
• October 2018 – “Unsuitable recommendations.”  The matter settled for $230,000.

For a copy of Richard Cagle’s CRD, click https://brokercheck.finra.org/individual/summary/2122648.

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.  We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com.