FINRA Bars First Allied Stockbroker For Ignoring Inquiry
Gregory Alan Levine (also known as Greg Alan Levine) of Fort Lauderdale Florida a stockbroker formerly employed by First Allied Securities has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by accusations that Levine neglected to respond to an inquiry that FINRA made regarding his activities possibly concerning the customer complaints alleging Levine’s misconduct. Case No. 2017054899701 (Apr. 9, 2018).
According to FINRA Public Disclosure, when Levine did not cooperate with FINRA’s requests, he was initially suspended. Evidently, Levine was issued a Notice of Suspension on January 4, 2018 and a Suspension from Association letter on January 29, 2018. Since Levine failed to comply with FINRA’s requests or otherwise seek the termination of his suspension by the April 8, 2018 deadline, he was automatically barred by FINRA on April 9, 2018.
FINRA Public Disclosure reveals that Levine is referenced in ten customer initiated investment related disputes pertaining to allegations of Levine’s misconduct while employed with First Allied Securities. In particular, on October 6, 2015, a customer initiated investment related complaint regarding Levine’s conduct was settled to resolve accusations that Levine charged the customer excessive commissions on the transactions he placed in the customer’s investment account, and sold the customer real estate investment trust, stock and mutual fund investments that were in no way suitable for the customer, causing the customer losses.
Subsequently, on January 19, 2018, a customer initiated investment related complaint involving Levine’s activities was settled for $18,000.00 in damages founded on accusations that the customer sustained losses after lending Levine money for an outside investment executed without the firm’s knowledge or permission. On January 24, 2018, another customer initiated investment related complaint concerning Levine’s conduct was resolved for $155,000.00 in damages based upon accusations of the failure to repay customer funds provided to Levine for investment transactions placed outside the firm’s auspices.
Levine is also subject of a customer initiated investment related written complaint which was settled for $50,000.00 on July 31, 2018 supported by allegations that Levine procured an unapproved personal loan from a customer. Further, on March 3, 2019, a customer filed an investment related complaint regarding Levine’s conduct in which the customer sought $210,000.00 in damages based upon allegations of losses sustained from providing Levine a personal loan.
Levine was discharged by First Allied Securities Inc. on June 21, 2017 founded on accusations of Levine selling away from the firm and Levine’s failure to notify the firm in regard to a customer complaint containing accusations of Levine’s unauthorized trading in the customer’s account.