The Financial Industry Regulatory Authority (“FINRA”) has barred broker Gregory Mancuso from the securities industry for providing false testimony during an on-the-record interview connected with an investigation into Mr. Mancuso’s handling of the brokerage accounts of two senior sisters with disabilities. The alleged conduct occurred while Mr. Mancuso was registered with BMA Securities, LLC, from August 2, 2016, to November 13, 2017.
On December 21, 2020, FINRA’s Department of Enforcement filed a complaint against Mr. Mancuso, alleging that Mr. Mancuso had his two elderly customers transfer a large part of their life savings to a company with which he was affiliated. One of the sisters was 73 years old and had dementia. The other sister was 68 years old and had multiple sclerosis. The complaint alleges that in 2017, Mancuso recommended that the elder sister use funds from her 401(k) account to purchase a variable annuity offered by a purported Swiss asset management firm, which Mr. Mancuso was affiliated. The complaint also alleges that Mr. Mancuso testified falsely during an on-the-record interview to conceal both his involvement in the transfer and actions he took to potentially change one of the sister’s power of attorney.
Mr. Mancuso failed to respond to the FINRA complaint. FINRA’s Department of Enforcement then requested a default decision, which the hearing officer granted.
If you have suffered financial losses investing with Mr. Mancuso or suspect that Mr. Mancuso did not have your best interest in mind when recommending an investment, account transactions, or annuities, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account or annuity contract.
Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as Crowdvest Securities LLC.
Financial Advisor Gregory Jon Mancuso (CRD No. 5681691)
Mr. Mancuso had eight years of experience in the securities industry and has been associated with the following firms:
- Crowdvest Securities LLC, from December 2019 to October 2020.
- BMA Securities, LLC, from August 2016 to November 2017.
- Craft Capital Management LLC, from April 2016 to August 2016.
- BBVA Securities Inc., from May 2013 to June 2015.
- BBVA Compass Investment Solutions, Inc., from November 2012 to May 2013.
- P. Morgan Securities LLC, from October 2012 to November 2012.
- Chase Investment Services Corp., from December 2010 to October 2012.
- Edward Jones, from September 2009 to November 2010.
Mr. Mancuso was permitted to resign from Crowdvest Securities LLC in October 2020 after FINRA made a preliminary determination to recommend that disciplinary action be brought against Mr. Mancuso. In June 2015, BBVA Securities Inc. also allowed Mr. Mancuso to resign after alleging that Mr. Mancuso failed to follow the firm’s account opening procedures.
According to his BrokerCheck report, Mr. Mancuso has been the subject of at least one customer dispute. A customer filed a securities arbitration claim in August 2013, alleging that Mr. Mancuso misrepresented the term of a note. The matter was settled by BBVA Securities Inc., the firm that employed Mr. Mancuso at the time of the alleged conduct.
Crowdvest Securities LLC – Supervisory Duties
Brokerage firms like Crowdvest Securities LLC must properly supervise financial advisors and customer accounts, especially brokers that are the subject of a FINRA investigation for misconduct. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Obtain a Free Consultation
Securities arbitration is a unique and complex practice area. Investors should seek out experienced counsel who understands the FINRA forum and can navigate the arbitration process to effectively advocate on their behalf.
If you or a loved one were a customer of Greg Mancuso and either sustained financial losses or suspect inappropriate activity in your investment or retirement accounts, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at email@example.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.
Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.