April 21, 2015
Daniel Grieco entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he recommended and caused to be executed purchases of leveraged and inverse leveraged exchange traded funds (ETFs) in 15 customer accounts. FINRA alleges that Grieco made the recommendations on non-traditional ETFs to various customers without having reasonable grounds to believe his recommendations were suitable.
According to FINRA, the ETFs were designed to achieve their objectives over the course of a single day, but were actually held for much longer, in some cases as long as five years.
Grieco was fined $7,500 and suspended for 15 days.
Disciplinary Proceeding NO. 2013035076201
Stock brokers have a duty to make recommendations that are suitable for customers, taking into account their age, health, liquid net worth and level of financial sophistication.
According to FINRA records, Grieco has been registered with First Allied Securities since 8/2010. Before that he was registered with Royal Alliance Associates 4/2007-8/2010.
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