FINRA Fines Gregory Collins

Soreide Law Group is investigating possible investor claims against securities broker Gregory Edward Collins (also known as Greg Collins) [CRD: 4224616, East Greenbush, New York]. Notably, FINRA sanctioned the securities broker, who worked for LPL Financial LLC. Here is a brief summary of FINRA’s allegations against Collins.

FINRA Sanctions Collins For Outside Business Activities

Notably, on July 24, 2023, FINRA issued Case: Acceptance, Waiver, and Consent No. 2022073844901 sanctioning Gregory Collins for an undisclosed outside business activity.

Allegations Against Gregory Collins

Collins was reportedly found to have accrued over $150,000 by actively participating in Outside Business Activities (OBAs). Those OBAs were not aligned with his formal obligations to his member firm. The regulator contended that without notifying his firm initially, Collins began OBAs and even sustained his association after the firm had declined his participation requests.

Supposedly, Collins was linked with a hedge fund as a "strategic advisor," offering them valuable investment guidance. For this role, Collins was remunerated around $5,000 monthly. However, he reported this activity to his firm in a misrepresented and incomplete fashion, simply labeling himself as a consultant. Irrespective of his firm's declination, Collins maintained his advisory role until the firm launched an internal probe into these business activities.

Moreover, Collins handed over two incorrect compliance attestations to his firm, asserting he had informed them about all his OBAs. Finally, within his capacity as the hedge fund's strategic advisor, Collins reportedly conducted trades on behalf of the fund using an external firm's brokerage account. Supposedly, he did this without notifying his firm.

Resolution

The case culminated in an AWC. Collins is obligated to pay a fine of $12,500.00. Evidently, Collins received a suspension across all registration capacities. This suspension stretches from August 2023 to February 2024, amounting to six months.

Employment Information

Gregory Collins worked for LPL Financial LLC as a securities broker between February 2018 and August 2021.

Did LPL Financial LLC Securities Broker Gregory Collins Cause You To Experience Damages?

Did you sustain losses because of Gregory Collins? If so, reach out to Soreide Law Group online or at (888) 760-6552 and speak with a securities attorney concerning a potential recovery of your investment losses. Soreide Law Group, who has successfully recovered money for investors throughout the country, works on a contingency fee basis and advances all costs. Collins and brokerage firms Collins worked for deny accusations of sales practice violations.