- August 21, 2019
- Worden Capital Management
Gregory T. Dean (CRD # 4922996) was a Financial Advisor at Worden Capital Management LLC in Rockville Center, New York. Gregory Dean has been in the securities industry since 2005 and previously worked at J.D. Nichols & Associates, American Capital Partners, Metlife Securities and Metropolitan Life Insurance Company.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), FINRA barred Gregory Dean from the industry indefinitely for “engaging in churning and quantitatively unsuitable trading in the accounts of customers.”
For a copy of the FINRA sanction, click http://www.finra.org/sites/default/files/fda_documents/2017052699901%20Gregory%20T.%20Dean%20CRD%204922996%20AWC%20jm.pdf.
In addition, Gregory Dean is the subject of fourteen customer complaints, including the following:
- July 2019 – “Negligence, unsuitability, breach of fiduciary duty, breach of contract, negligent misrepresentation and omissions.” Alleged damages are $25,919.
- February 2019 – “Excessive Trading, Churning, and Unsuitable Transactions.” Alleged damages are $70,766.
- August 2017 – “Churning; unsuitability; breach of fiduciary duty; common law fraud; breach of contract; negligent supervision.” The matter settled for $60,000.
- July 2017 – “Unsuitability and overconcentration; excessive trading and margin abuse; failure to supervise; breach of fiduciary duty; negligence; fraudulent misrepresentation; and breach of contract.” The matter settled for $55,000.
- December 2016 – “Excessive trading, Churning, Unsuitability, Unauthorized Transactions, Failure to Supervise, Respondeat Superior, Overship Liability.” The matter settled for $42,500.
- June 2016 – “Unsuitable Investments and Negligent Account Management; Churning; Misrepresentations, omissions and violations of the Indiana Securities Act and Regulations thereunder, Breach of contract; Breach of fiduciary duty and Constructive Fraud; Violations of the FINRA Conduct Rules and NYSE Rules; Respondeat Superior; and Negligence and negligent supervision.” The matter settled for $40,000.
- January 2015 – “TRADES BETWEEN APRIL 2012 AND MARCH 2013 RESULTED IN PROFITS FOR THE DEFENDANTS AND LOSSES FOR [CUSTOMER]. ALSO, UNSUITABLE TRADING, EXCESSIVE TURNOVER/CHURNING, AND FAILURE TO SUPERVISE WERE ALLEGED.” The matter settled for $200,000.
- October 2014 – “ALLEGED CLAIMS INVOLVE CHURNING, NEGLIGENCE, UNSUITABILITY, OVERCONCENTRATION, AND FAILURE TO SUPERVISE.” The matter settled for $350,000.
In addition, Gregory Dean was fined $10,000 by the Arkansas Securities Department in 2013. In 2017, the SEC charged Gregory Dean and another New York-based broker with “fraudulently using an in-and-out trading strategy that was unsuitable for customers in order to generate hefty commissions for themselves.”
For a copy of Gregory Dean’s CRD, click https://brokercheck.finra.org/individual/summary/4922996.
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.
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