SECURITIES AND EXCHANGE COMMISSION Washington, D.C. SECURITIES EXCHANGE ACT OF 1934 Release No. 88548 / April 3, 2020 Admin. Proc. File No. 3-18555 In the Matter of the Application of NEWPORT COAST SECURITIES, INC. For Review of Disciplinary Action Taken by FINRA OPINION OF THE COMMISSION REGISTERED SECURITIES ASSOCIATION—REVIEW OF DISCIPLINARY PROCEEDING Former member firm appeals from FINRA disciplinary action finding that it was liable for its registered representatives’ excessive trading, churning, and qualitatively unsuitable recommendations, and that it

FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 2019062856101 TO: Department of Enforcement Financial Industry Regulatory Authority (“FINRA”) RE: Clare Marie Cail, Respondent General Securities Representative CRD No. 2398511 Pursuant to FINRA Rule 9216 of FINRA’s Code of Procedure, Respondent Clare Marie Cail (“Cail” or “Respondent”) submits this Letter of Acceptance, Waiver and Consent (“AWC”) for the purpose of proposing a settlement of the alleged rule violations described below.