Financial Advisor, Gregory Rusnak, Suspended By FINRA For Allegedly Engaging In Unauthorized Trading

The Wolper Law Firm is currently investigating claims against Gregory Rusnak, a former Financial Adviser at SIGMA Financial Corp. in St. Charles, Illinois.  Gregory Rusnak has been in the securities industry since the 1980s and previously worked at Ameriprise Financial.   

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on January 14, 2019, FINRA sanctioned Gregory Rusnak, suspending him from associating with any member brokerage firm for 15 days and fining him.  The basis for the sanction was that Gregory Rusnak was allegedly engaging in unauthorized trading in customer accounts.  To review a copy of the sanction, click http://www.finra.org/sites/default/files/fda_documents/2017055797701%20Gregory%20Rusnak%20CRD%20150212%20AWC%20va.pdf

In addition, Gregory Rusnak was previously terminated by Edward Jones for “Internal investigation revealed a violation of company policy involving exercise of discretion in customer accounts.” For a full copy of Donald Logan’s CRD and disclosure history, click https://brokercheck.finra.org/individual/summary/1505212.

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.  

In addition, every transaction must be authorized by the customer prior to execution.  The Financial Advisor must not only get authorization for the trade, but also the price and date on which the trade will occur.  Financial Advisors who engage in unauthorized trading, or exercise time and price discretion, often do so in order to generate commissions.  This type of conduct violates FINRA rules and internal compliance rules of their brokerage firm. 

The Wolper Law Firm is interested in speaking with clients of Gregory Rusnak as part of its investigation.  We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com.  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.