DANIEL GRIECO (CRD# 1222747) was fined $7,500 and suspended for 15 business days according to a FINRA report, for allegedly making recommendations of non-traditional exhange-traded funds (ETFs) to clients without having reasonable grounds to believe the funds were suitable for his clients.
According to FINRA, the non-traditional and leveraged ETFs can be a high risk investment and may not be suitable for a retail investor. Many brokerages are not allowing their brokers to solicit clients for these high risk, complex investments due to their suitability.
According to FINRA’s BrokerCheck, DANIEL GRIECO is currently registered with the following firm since 08/2010:
FIRST ALLIED SECURITIES, INC. (CRD# 32444)
12 CHRISTOPHER WAY, SUITE # 200, EATONTOWN, NJ 07724
and DANIEL GRIECO was previously registered with:
04/2007 – 08/2010 ROYAL ALLIANCE ASSOCIATES, INC. (CRD# 23131) – WEST ORANGE, NJ
08/1997 – 04/2007 FIRST MONTAUK SECURITIES CORP. (CRD# 13755) – RED BANK, NJ
06/1996 – 07/1997 ARGENT SECURITIES, INC. (CRD# 15297) – ATLANTA, GA
01/1995 – 07/1996 PATTERSON TRAVIS, INC. (CRD# 16540) – ENGLEWOOD, CO
FINRA expelled the firm in 06/2003
11/1994 – 12/1994 ROBERT TODD FINANCIAL CORP. (CRD# 7423) – NEW YORK, NY
10/1994 – 11/1994 WESTFIELD FINANCIAL CORPORATION (CRD# 8143) – NEW YORK, NY
FINRA expelled the firm in 04/1996
06/1988 – 09/1994 HIBBARD BROWN & CO., INC. (CRD# 18246) – NEW YORK, NY
FINRA expelled the firm in 02/1996
02/1987 – 05/1988 SHERWOOD CAPITAL, INC. (CRD# 10474)
01/1984 – 01/1987 FIRST JERSEY SECURITIES, INC. (CRD# 6621)
If you have suffered investment losses due to your stock broker or financial advisor’s recommendations in non-traditional and leveraged ETFs, or other illiquid, and complex products, call Soreide Law Group for a consultation at no cost with a lawyer on how to potentially recover your losses: 888-760-6552.