• September 10, 2024
• Cambridge Investment Research

Former Financial Advisor Gregory Corrie Barred by FINRA

Gregory Alan Corrie (CRD: 1982814) was a previously registered broker.

Broker’s History

He entered the securities industry in 1992 and previously worked with The Lincoln National Life Insurance Company; Lincoln Financial Advisors Corporation; Intersecurities, Inc.; Cetera Advisor Networks, LLC; Invest Financial Corporation; Cetera Advisors, LLC; and Cambridge Investment Research, Inc.

Allegations of Misconduct

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in August of 2024, without admitting or denying the findings, Corrie consented to the sanction and to the entry of findings that he declined to produce information and documents requested by FINRA in connection with its investigation into the circumstances giving rise to the Form U5 filed by his member firm. The findings stated that Corrie’s firm had terminated Corrie for excessive use of Unit Investment Trust products. After an internal review by the firm was concluded, the firm made remediation payments related to the trading activity. As a result, Respondent also consented to the imposition of the following sanctions:

• a bar from associating with any FINRA member in all capacities.

For a copy of the FINRA Disciplinary Action Details, click here.

In addition, Gregory Corrie has also been the subject of three other disclosures:

• February 2023—Discharged by Cambridge Investment Research, Inc., “Excessive use of UIT products.”
• January 2013—“ Tax Judgment/lien $44,367.11.”
• February 2011—“ Tax Judgment/lien $295,663,00.”

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.

Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s age, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.

Excessive trading often occurs when a Financial Advisor puts his or her interests ahead of the clients and makes transactions solely for the purpose of generating commissions. Financial Advisors have a regulatory duty to recommend suitable investment strategies. One of the components of the suitability analysis is quantitative suitability.

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.