Gregory R. Swenson – Misleading Statement Allegations
Gregory R. Swenson Made Misleading Statements About “Firm G” to Corporate Bond Dealers, Regulators Charge
Gregory R. Swenson, from approximately July 2009 through at least December 2012, placed orders for securities primarily in initial public offerings (IPOS) for corporate bonds for an unregistered proprietary trading firm (Firm G), according to a FINRA Letter of Acceptance, Waiver and Consent (AWC).
In connection with this business, Swenson made misleading and inaccurate statements to numerous corporate bond dealers while participating in and obtaining allocations of bonds for Firm G, the AWC further alleges. What is more, the AWC notes, Swenson caused Agincourt Ltd., where he was registered from January 21, 2009 to August 22, 2014, to fail to make and preserve sufficient order tickets and a new account form for its customer, Firm G.
Swenson Faces Two-Year Suspension and $75,000 Fine
From approximately July 2009 through at least December 2012, Firm G, a U.S.-based company, operated as an unregistered proprietary trading firm that purchased and sold primarily fixed income securities, including investment-grade quality, new-issue corporate bonds, according to the AWC.
Many of these bonds were issued in IPOs or through restricted offerings made pursuant to the Securities Act, the AWC alleges. Therefore, after Firm G purchased the bonds, it typically sold them on the secondary market, often within days, to make a profit, the AWC notes. Firm G then purchased the bonds directly through accounts it opened and maintained with the corporate bond dealers, and indirectly through accounts opened by its agents, the AWC further alleges.
Therefore, based on the aforementioned actions, Swenson violated NASD and FINRA Rules and faces a two-year suspension and $75,000 fine.
The Peiffer Wolf Investment Recovery Attorneys Often Represent Investors
The Peiffer Wolf investment recovery attorneys 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 attorneys at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.
Broker: Gregory R. Swenson
Status: INVESTIGATED by Peiffer Wolf.
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