Richard Cagle: FINRA Bars Corpus Christi Financial Advisor

A disciplinary action taken by the Financial Industry Regulatory Authority against former Corpus Christi, Texas broker and investment advisor Richard Cagle (CRD# 2122648) barred him after finding he failed to appear for testimony connected with its investigation of allegations he made unsuitable investment recommendations and mis-marked customer order tickets. A former representative of Hilltop Securities Independent Network, Cagle was barred from acting as a broker or otherwise associating with a broker-dealer firm.

According to a Letter of Acceptance, Waiver and Consent (No. 2018060287901) dated July 2019, FINRA launched an investigation in 2018 to determine whether Richard Cagle engaged in violations of FINRA rules “by making unsuitable investment recommendations and mismarking customer order tickets” when he was a representative of Hilltop Securities Independent Network. In connection with this investigation, FINRA sent him a request on June 18, 2019 to appear and provide on-the-record testimony to FINRA. The findings state that one day later, on June 19, 2019, Cagle indicated via email that he would not appear for the requested on-the-record testimony at any time. According to FINRA, this refusal constituted a violation of FINRA Rule 8210, which allows FINRA to require persons under its jurisdiction to provide testimony, and FINRA Rule 2010, which requires members to observe high standards of commercial honor and just and equitable principles of trade. As a result of the foregoing alleged conduct, Richard Cagle was barred from association with any FINRA member firm in any capacity.

Richard Cagle’s disclosure records also list two customer complaints against him that reached settlements.  A 2019 complaint alleged that as a representative of Hilltop Securities Independent Network, he recommended unsuitable stock investments; the complaint reached a settlement of $20,000. And a 2018 complaint alleged that as a Hilltop representative, he made unsuitable recommendations involving over-the-counter and listed equities; the complaint reached a settlement in 2019 of $230,000.

Richard Cagle is currently not registered as a broker or investment advisor. His employment history includes Hilltop Securities Independent Network in Corpus Christi, Texas and Principal Financial Securities in Dallas, Texas. He currently holds zero state licenses and has passed three securities industry qualification examinations.