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Erez Law Investigates Former Hilltop Securities Independent Network Inc. Broker Richard Cagle

Posted on Tuesday, November 19th, 2019 at 2:37 pm    

Hilltop Securities Inc.

Can you recover losses due to investments with former Hilltop Securities Independent Network Inc. broker Richard Cagle (CRD# 2122648)? Cagle was registered with Hilltop Securities Independent Network Inc. in Corpus Christi, Texas from 1997 to 2019.

In July 2019, Cagle was barred by FINRA after he consented to the sanction and to the entry of findings that he refused 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.

Cagle has been the subject of two customer complaints between 2018 and 2019, according to his CRD report:

February 2019. “Unsuitable recommendations.” The customer sought $5,000 in damages and the case was settled for $20,000. This case was regarding common and preferred stocks and took place while Cagle was registered with Hilltop Securities Independent Network Inc.

October 2018. “Unsuitable recommendations.” The customer sought $384,217.56 in damages and the case was settled for $230,000. This case was regarding common and preferred stocks and equity OTC and took place while Cagle was registered with Hilltop Securities Independent Network Inc.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Hilltop Securities Independent Network Inc. may be liable for investment or other losses suffered by Cagle’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.