Daniel Grieco—Unsuitable Recommendations

stockbroker fraud attorneyDaniel Grieco Allegedly made Unsuitable Recommendations of Non-Traditional ETFs

Daniel Grieco, from July 21, 2008 through July 19, 2013, allegedly made unsuitable recommendations of non-traditional exchange-traded funds (ETFs) to different customers without sufficient evidence to believe that his recommendations were suitable, according to a recent Letter of Acceptance Waiver and Consent (AWC).

Grieco, the AWC further alleges, recommended and helped to execute purchases of several leveraged and inverse-leveraged ETFs with 15 customer accounts. Said ETFs, the AWC notes, were designed to achieve their objectives over the course of only a single day, yet Grieco held the ETFs for much longer periods, in some cases for more than five years.

Grieco Fined $7,500 and Suspended 15 Business Days

Grieco repeatedly failed to appreciate the risky nature of the ETFs at the time of his recommendations, the AWC charges, and that they were not designed to be held for long periods of investment. Therefore, FINRA alleges that Grieco did not have reasonable grounds to believe his recommendations were suitable.

As a result of said behavior, Grieco allegedly violated multiple NASD and FINRA Rules. FINRA has determined that Grieco serve a 15 business-day suspension from association with all FINRA members in all capacities and that he receive a $7,500.00 fine.

Grieco was a financial advisor and registered representative of Royal Alliance Securities from 2007 to August 2010, and with First Allied Securities from August 2010 to the present. Daniel Grieco worked at a branch office in Eatontown, New Jersey.

The Peiffer Wolf Investment Recovery Lawyers Often Represent Investors

The Peiffer Wolf investment recovery lawyers often represent investors who lose money as a result of investment misconduct. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of investment misconduct may contact the investment recovery lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.

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In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.