Soreide Law Group is investigating possible investor claims against securities broker Jeffrey Scott Graves (also known as Jeff Graves) (CRD: 1398578, Addison, Texas). Evidently, FINRA sanctioned the securities broker, who worked for FFEC Wealth Partners LLC. Allegedly, Graves failed to supervise. Here is a brief summary of FINRA’s allegations against Graves.
Jeffrey Graves Suspended By FINRA For Failure To Supervise
Particularly, on November 25, 2022, FINRA issued Acceptance, Waiver, and Consent No. 2019061612602 sanctioning Jeffrey Graves for infractions. Specifically, Graves was suspended as a securities principal and fined $5,000. Evidently, FINRA alleged that Graves failed to supervise.
Notably, FINRA reports that Graves agreed to the penalties without admitting or denying the findings. He consented to the findings that he didn't properly oversee the use of borrowed funds in client accounts.
Evidently, FINRA’s findings indicated that Graves, as the manager of a branch office in his firm, was responsible for supervising a registered representative who suggested using borrowed funds in specific client accounts.
Graves’ Failure To Look Into The Use Of Funds
Despite the use of borrowed funds, Graves reportedly didn't take reasonable steps to determine if it was appropriate. He allegedly didn't monitor or review the amount of trading done with borrowed funds in the clients' accounts. Also, FINRA says that Graves failed to question the registered representative who recommended the use of borrowed funds and didn't inform the clients about it.
FINRA found that as a result of Graves' failure to properly supervise the unsuitable use of borrowed funds, the clients ended up paying a total of $100,109.37 in interest, commissions, and fees related to the borrowed funds trades. Also, FINRA’s findings also revealed that Graves didn't adequately supervise the switching of mutual funds in client accounts. Consequently, clients reportedly incurred costs and fees amounting to $12,563.50 associated with the switches.
- Graves worked for FFEC Wealth Partners LLC in Addison, Texas, California as a securities broker from February 1, 2006, to October 24, 2022.
- Graves has worked for Cetera Advisor Networks LLC in Scottsdale, Arizona, as a securities broker since April 20, 2022.
- Graves has worked for Cetera Advisor Networks LLC in Scottsdale, Arizona, as a financial advisor since April 20, 2022.
Did FFEC Wealth Partners LLC Securities Broker Jeffrey Graves Cause You To Experience Damages?
Have you experienced losses from investing with Jeffrey Graves? If so, get in touch with Soreide Law Group at (888) 760-6552 and speak with a securities attorney about a potential recovery of your losses. Soreide Law Group, who has successfully recovered money for hundreds of investors across the United States, represents clients on a contingency fee basis and advances all costs. Graves and brokerage firms Graves worked for deny any and all allegations of sales practice violations.
