Robert Gleason Fined, Involved In IFP Investor Disputes

Investors might have sustained losses due to securities broker Robert Spaulding Gleason Jr. [CRD: 1415067, Owensboro, Kentucky], according to disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Evidently, Robert Gleason worked for IFP Securities LLC from February 2, 2022, to May 6, 2022, and Cantella Co. Inc. from November 21, 2016, to December 23, 2021. Keep reading to learn more about Robert Gleason's disclosures.

FINRA Sanctioned Gleason For Best Interest Obligation Violations

Particularly, on April 5, 2024, FINRA issued Case: 2021069335701 sanctioning Robert Gleason for infractions. Specifically, Gleason agreed to a three-month suspension from associating with any FINRA member in all capacities and a $5,000 fine for violating Rule 15l-1 of the Securities Exchange Act of 1934. Evidently, FINRA alleged that Gleason erred by recommending excessive trades in light of the client's investment profile.

FINRA stated that Gleason placed his interests ahead of the interests of the client. At the time of the trading, the client was supposedly in her early sixties and had a liquid net worth of $700,000 and an investment profile reflecting an income of $50,000. Gleason's recommendations for the client involved a pattern of short-term trading. Supposedly, he failed to consider the costs of his trading. As a result, the client paid more than $28,000 in extra trade costs and commissions.

IFP Securities LLC Investor Accused Robert Gleason Of Excessive Trading

Particularly, on March 2, 2023, an IFP Securities LLC client filed FINRA Arbitration No. 23-00294 about Robert Gleason. Supposedly, Gleason engaged in churning, excessive trading, and discretionary trading. The client also alleged that Gleason steered her to sell bonds to generate cash for trades. Because of this, the client allegedly sustained damages on bonds and over-the-counter equities. Therefore, the client requested $1,000,000 in compensation from IFP Securities LLC or Gleason. Evidently, this arbitration is pending a resolution.

Gleason Disclosed Unauthorized Trading Allegations By Merrill Lynch Client

Also, a client of Merrill Lynch contested Robert Gleason's sales practices by filing FINRA Arbitration No. 23-00294. Gleason allegedly engaged in unauthorized trading. It appears that Gleason caused the client to sustain damages on a variable life insurance policy. As a result, Merrill Lynch opted to settle the matter on June 15, 1989, by compensating the client in the amount of $14,512.71.

Cantella Co Inc. Disaffiliated With Robert Gleason For Allegations

Particularly, on December 23, 2021, Cantella Co Inc. disaffiliated with Gleason. Evidently, Cantella Co Inc. alleged that Gleason engaged in unauthorized activities relating to client letters.

Losses Because Of Gleason?

Have you experienced losses because of Robert Gleason? If so, get in touch with Soreide Law Group online or at (888) 760-6552 so you can talk to a securities lawyer concerning a potential recovery of your investment losses. Soreide Law Group has recovered losses for many clients in the US, represents investors through contingency fees, and advances all costs. Gleason and brokerage firms Gleason worked for deny accusations of sales practice violations.