• July 3, 2024
• Aegis Capital Corp

Guy Gregory Clemente (CRD#: 1222597) is a registered broker and investment advisor with Aegis Capital Corp., in New York, NY.

Broker’s Background

He entered the securities industry in 1984 and previously worked with Rauscher Pierce Refsnes, Inc.; Lehman Brothers Inc.; Smith Barney Inc.; Commonwealth Associates; The J.B Sutton Group, Inc.; Sands Brothers & Co., LTD.; M.S Farrell & Company, Inc.; The Thornwater Company, L.P.; S.W Bach & Company; and Andrew Garret, Inc.

Current and Past Allegations of Conduct Leading to Investment Loss

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in June 2024, Guy Clemente became the subject of a customer dispute alleging, “ Breach of Fiduciary Duty, Suitability, Fair Dealing, Excessive Trading, Failure to Supervise, Breach of Contract.” The damage amount requested is $750,000 and the customer dispute is still pending.

In addition, Guy Clemente has been the subject of eleven other disclosures:

• December 2023—Permitted to Resign from Andrew Garret, Inc., “ Individual was subject of an investment-related,consumer-initiated complaint. The complaint prompted an internal review, which was ongoing on 12/21/2023, when individual submitted resignation. Internal review concluded that individual violated firm policies.”
• October 2021—CRIMINAL POSSESSION OF A FIREARM PL 2651B01 E FELONY, “ Amended reduced to misdemeanor criminal pos of firearm fine $250.”
• July 2002—Regulatory Sanction initiated by Massachusetts, “ CLEMENTE HAS BEEN THE SUBJECT OF MORE THAN (10) CUSTOMER COMPLAINTS ALLEGING, INTER ALIA, MISREPRESENTATION, EXCESSIVE TRADING, ACCOUNT-RELATED FAILURE TO SUPERVISE, FAILURE TO FOLLOW INSTRUCTIONS, CHURNING, UNAUTHORIZED TRADING AND MAKING UNSUITABLE RECOMMENDATIONS WHILE EMPLOYED AT VARIOUS BROKER-DEALERS SINCE 1984. THE ALLEGATIONS AGAINST CLEMENTE RESULTED IN THE PLACEMENT OF CONDITIONS ON HIS REGISTRATION AS AN AGENT OF TTC.”
• May 2000—“ BREACH OF FIDUCIARY DUTY; FRAUD; MISREPRESENTATION; UNAUTHORIZED TRADING; UNSUITABLE INVESTMENT RECOMMENDATIONS; ACCOUNT RELATED FAILURE TO SUPERVISE AND NEGLIGENT HIRING.” The damage amount requested was $67,733.51. The damages awarded were $96,697.40. For a copy of the NASD Award, click here.
• April 1997—Regulatory Sanctions by National Association of Securities Dealers, Inc., “Monetary fine of $10,000, censure, and suspension.”
• December 1996—“ UNAUTHORIZED TRADING, CHURNING, RECOMMENDATION OF UNSUITABLE INVESTMENTS; FRAUD; MISREPRESENTATION; BREACH OF FIDUCIARY DUTY;BREACH OF CONTRACT AND ACCOUNT RELATED FAILURE TO SUPERVISE.” $40,000 was awarded in damages. For a copy of the NASD Award, click here.
• January 1996—“ FRAUD; MISPREPRESENTATION; FAILURE TO FOLLOW INSTRUCTIONS; UNAUTHORIZED TRADING; BREACH OF FIDUCIARY DUTY; BREACH OF CONTRACT; NEGLIGENCE AND ACCOUNT RELATED FAILURE TO SUPERVISE.” The damage amount requested was $103,130 and the damages awarded were $165,000. For a copy of the NASD Award, click here.
• December 1995—“ UNAUTHORIZED TRADING; UNSUITABLE INVESTMENT RECOMMENDATIONS; FRAUD; BREACH OF FIDUCIARY DUTY AND ACCOUNT RELATED FAILURE TO SUPERVISE.” $32,400 was awarded in damages. For a copy of the NASD Award, click here.
• November 1995—“ UNSUITABILITY AND ONE UNAUTHORIZED TRADE.” $25,000 was awarded in damages. For a copy of the NASD Award, click here.
• October 1995—“ CUSTOMER, SUBMITTED A LETTER REQUESTING THAT ALL UNAUTHORIZED TRADES BE REVERSED.” The damage amount requested was $15,000 and the customer dispute settled for $15,000.
• May 1995—Discharged by Salomon Smith Barney Inc., “MR. CLEMENTE ADMITTED HE SIGNED A $195,000 PROMISSORY NOTE AND GAVE THE SAME CUSTOMER PERSONAL CHECKS TOTALING $75,000 FOR AN UNAPPROVED OUTSIDE BUSINESS ACTIVITY IN VIOLATION OF FIRM POLICY, WHICH WAS DISCOVERED IN THE COURSE OF INVESTIGATING A VERBAL CUSTOMER COMPLAINT ALLEGING UNAUTHORIZED TRADING. MR. CLEMENTE FAILED TO COOPERATE WITH THE ATTORNEY HANDLING THE INVESTIGATION IN THAT HE REFUSED TO GIVE THEM COPIES OF THE PROMISSORY NOTE OR THE CHECKS.”

For a copy of Guy Clemente’s FINRA BrokerCheck, click here.

We Help Investors Recover Investment Losses

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.

Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.

Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation. 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.