Richard Gholson: Received a FINRA Sanction

Richard Gholson

Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on March 17, 2017 indicate that former Hawaii-based Cuso Financial Services broker/adviser Richard Gholson, also known as Michael Gholson, has been sanctioned by FINRA and is currently not affiliated with any broker-dealer firm. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Gholson (CRD# 711020).

Richard Gholson has spent 33 years in the securities industry and was most recently registered with Cuso Financial Services in Pahoa, Hawaii (2007-2016). Previous registrations include Sorrento Pacific Financial in San Diego, California; Crowell Weedon & Company in Los Angeles, California; Edward Jones in St. Louis, Missouri; XCU Capital Corporation in Raleigh, North Carolina; Merrill Lynch in New York, New York; Financial Network Investment Corporation in El Segundo, California; FSC Securities in Atlanta, Georgia; and Sentra Securities in Phoenix, Arizona. He is currently not registered with any state or firm.

According to his BrokerCheck report, Richard Gholson has received one FINRA sanction.

In January 2017 FINRA sanctioned Richard Gholson following allegations he “failed to reasonably supervise the sale of certain UITs by a registered representative.” FINRA’s findings state: “Gholson did not sufficiently understand the potential risks of UITs the registered representative recommended and sold and, in particular, did not understand that those UITs might employ leverage. Gholson also failed to conduct sufficient due diligence on the UlTs the registered representative recommended and sold, such as reading the prospectuses, prior to approving the UITs for sale. Each of the prospectuses for these UlTs stated that the UIT invested in closed-end bond funds, some of which might employ the use of leverage in their portfolios and that this leverage subjects the fund to increased risks.” He was issued a 30-day suspension and a fine of $5,000.

If you have complaints regarding Richard Gholson, also known as Michael Gholson, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recover your losses. All cases are taken on a contingency basis: we only get paid if and when you collect money. The law sets a limited window to file complaints, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.