Daniel Grieco—Unsuitable Recommendations
Daniel 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 Carr & Kane Investment Recovery Lawyers Often Represent Investors
The Peiffer Wolf Carr & Kane 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 Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.