New Jersey Broker Fined and Suspended by FINRA Over Recommendations of Non-Traditional Exchange Traded Funds (ETF’s)

According to FINRA’s Disciplinary and Other FINRA Actions publication, Daniel Grieco (CRD #1222747) was fined $7,500 and suspended by FINRA for fifteen (15) business days for allegedly recommending non-traditional exchange-traded funds (ETFs) to clients without having reasonable grounds to believe the funds were suitable for his clients.

FINRA’s findings state that the ETFs were designed to achieve their objectives over the course of a single day only, but were held for much longer periods, in some cases for more than five (5) years.  FINRA alleges that by these extended holding periods, Grieco failed to appreciate the nature of the ETFs as they were not designed to achieve their objectives for extended holding periods.  As such, FINRA further alleges that Grieco did not have reasonable grounds to believe his recommendations were suitable. (See FINRA AWC No. 2013035076201)

According to FINRA’s Broker Check, Daniel Grieco has been registered in the securities industry for thirty one (31) years.  Grieco is currently registered with the following firm:

FIRST ALLIED SECURITIES, INC.
CRD #23121
EATONTOWN, NJ
08/2010 – PRESENT

 

Grieco was previously registered with the following firms
ROYAL ALLIANCE ASSOCIATES, INC.
CRD #23131
WEST ORANGE, NJ
04/2007 – 08/2010
FIRST MONTAUK SECURITIES CORP.
CRD #13755
RED BANK, NJ
08/1997 – 04/2007
ARGENT SECURITIES, INC.
CRD #15297
ATLANTA, GA
06/1996 – 07/1997
PATTERSON TRAVIS, INC.
CRD #16540
ENGLEWOOD, CO
01/1995 – 07/1996
FINRA Expelled the Firm in 06/2003
ROBERT TODD FINANCIAL CORP.
CRD #7423
NEW YORK, NY
11/1994 – 12/1994
WESTFIELD FINANCIAL CORPORATION
CRD #8143
NEW YORK, NY
10/1994 – 11/1994
HIBBARD BROWN & CO., INC.
CRD #18246
NEW YORK, NY
06/1988 – 09/1994
FINRA Expelled this Firm in 02/1996
SHERWOOD CAPITAL, INC.
CRD #10474
02/1987 – 05/1988
FIRST JERSEY SECURITIES, INC.
CRD #6621
01/1984 – 01/1987
If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Hanley Law to discuss your legal options.  The Hanley Law is dedicated to helping investors nationwide.  If you have lost money as a result of your broker’s recommendations, you may be entitled to recover your investment losses.  Contact our office toll free at (239) 649-0050 for a complimentary initial consultation.

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