Vincent Grieco Audit (2023) – A Scam or Legit Broker?

Vincent Grieco  – and the firm that employs him or her – is regulated by the Financial Industry Regulatory Authority (FINRA).

If you are like most people, before you go out to dinner at a new restaurant, you probably take a quick look at the reviews. This makes sense; you are going to pay for an expensive dinner, and you need to be sure that you are getting a good value.

Yet, when choosing a financial advisor, many people fail to conduct this same level of due diligence. Before turning over access to your money, you need to be sure that you have found a financial advisor that you can trust. Here, our audit report, including details of allegations, complaints, and sanctions will help you decide whether or not to invest with Vincent Grieco.

BrokerComplaints.com is currently investigating allegations related to Vincent Grieco. We provide a free platform for investors to help them in their claims against negligent brokers and brokerage firms.

About Vincent Grieco

Vincent Grieco is an Investment Adviser. Vincent Grieco’s Central Registration Depository (CRD) number is 1568462 and the FINRA Profile can be found at – https://brokercheck.finra.org/individual/summary/1568462.

Click here to download a Detailed Audit Report for Vincent Grieco.

Vincent Grieco has previously been reprimanded and has disclosures and/or client dispute(s) listed at FINRA BrokerCheck.

Accusations and Disclosures

You can find below, a quick snapshot of Vincent Grieco’s regulatory actions, arbitrations, and complaints.

DISCLOSURE 1 – 

• Event Date: 12/13/2005
• Disclosure Type: Regulatory
• Disclosure Resolution: Final
• Disclosure Detail :: DocketNumberFDA:
• Initiated By: FLORIDA
• Allegations: THE INVESTOR WAS UNSUITABLE FOR INVESTMENT. VIOLATION OF SECTION 517.301 FLORIDA STAUTES.
• Resolution: Order
• Sanction Details ::
• Sanctions: PAYMENT FROM THE SECURITIES GUARANTY FUND CONSTITUTES PRIMA FACIE GROUNDS FOR THE DENIAL OF THE REGISTERED REPRESENTATIVE’S APPLICATION OR REVOCATION OF THE CURRENT REGISTRATION UNDER 517.161(2), FLORIDA STATUTES.
• Sanction Details: NA

DISCLOSURE 2 – 

• Event Date: 1/23/2004
• Disclosure Type: Regulatory
• Disclosure Resolution: Final
• Disclosure Detail :: DocketNumberFDA:
• Initiated By: FLORIDA
• Allegations: THE OFFICE OF FINANCIAL REGUALTION BEING AUTHORIZED AND DIRECTED TO ADMINISTER AND TO ACCEPT AND PAY CLAIMS AGAINST THE SECURITY GUARANTY FUND AS PROVIDED IN CHAPTER 517.131 AND 517.141, FLORIDA STATUTES DOES HERBY ENTER A FINAL ORDER APPROVING THE INVESTORS APPLICATION FOR PAYMENT FROM THE SECURITY GUARNTY FUND WAS FOR VIOLATIONS OF THE SECURITIES AND INVESTOR PROTECTION ACT BY THE RESPONDENT. THE FUND IS DISBURSED AS PROVIDED TO CHAPTER 517.141 FLORIDA STATUTES, A PERSON OR INVESTOR WHO IS AJUDGED BY COURT OF COMPTENT JURIDICTION TO HAVE SUFFERED MONETARY DAMAGES AS A RESULT OF A DEALER, INVESTMENT ADVISOR, OR ASS0CIATED PERSON HAVING VIOLATED THE ANTI-FRAUD PROVISION OF CHAPTER 517.301 FLORIDA STATUTES.
• Resolution: Order
• Sanction Details ::
• Sanction Details: NA

DISCLOSURE 3 – 

• Event Date: 6/9/1999
• Disclosure Type: Regulatory
• Disclosure Resolution: Final
• Disclosure Detail :: DocketNumberFDA: CAF990008
• DocketNumberAAO: 990008
• Initiated By: NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
• Allegations: 06/18/99GK: COMPLAINT NO. CAF990008 FILED JUNE 9, 1999, BY THE DEPARTMENT OF ENFORCEMENT AGAINST RESPONDENT VINCENT GRIECO ALLEGING VIOLATIONS OF NASD RULES 2110, 2120, AND SEC RULE 10B-5 IN THAT HE DIRECTLY AND/OR INDIRECTLY, SINGLY AND IN CONCERT, ENGAGED IN, AND/OR INDUCED OTHERS TO ENGAGE IN (I) A DEVICE, SCHEME OR ARTIFICE TO DEFRAUD, (II) THE USE OF UNTRUE STATEMENTS OF MATERIAL FACT AND/OR THE OMISSION OF MATERIAL FACTS NECESSARY TO MAKE STATEMENTS MADE, IN LIGHT OF THE CIRCUMSTANCES, NOT MISLEADING, AND (III) ACTS, PRACTICES, OR COURSES OF BUSINESS WHICH OPERATED AS A FRAUD OR DECEIT UPON PERSONS; NUMEROUS REGISTERED REPRESENTATIVES UNDER RESPONDENT’S CONTROL AND DIRECTION ENGAGED IN FRAUDULENT PRACTICES, MUCH OF THE CONDUCT OCCURRING AT RESPONDENT’S DIRECTION OR WITH HIS ENCOURAGEMENT, OR, AT A MINIMUM, WITH HIS TACIT APPROVAL, WHICH INCLUDED MAKING BASELESS AND IMPROPER PRICE PREDICTIONS, OMITTING OR NEGATING MATERIALLY NEGATIVE OR CAUTIONARY INFORMATION ABOUT THE SECURITY BEING RECOMMENDED, MAKING FALSE STATEMENTS ASSERTING KNOWLEDGE OF INSIDE INFORMATION, MAKING MATERIAL MISREPRESENTATIONS REGARDING SPECIFIC ISSUERS, ENGAGING IN UNAUTHORIZED TRADING IN PUBLIC CUSTOMER ACCOUNTS, WITHOUT HAVING DISCRETIONARY TRADING AUTHORITY FOR THE RELEVANT CUSTOMER ACCOUNTS, AND REFUSING OR FAILING TO EXECUTE SELL ORDERS; BY HIS OWN CONDUCT, AND THROUGH THOSE REGISTERED REPRESENTATIVES UNDER HIS DIRECTION AND CONTROL, INDUCED THE PURCHASE OR SALE OF SECURITIES BY MEANS OF MANIPULATIVE, DECEPTIVE AND OTHER FRAUDULENT DEVICES AND CONTRIVANCES; AND, DIRECTLY OR INDIRECTLY, CONTROLLED THE INDIVIDUALS AND ACTIVITIES AT THE MELVILLE BRANCH, AND AS SUCH, WAS A CONTROLLING PERSON OF INVESTORS UNDER SECTION 20(A) OF THE SECURITIES EXCHANGE ACT OF 1934, AND IS JOINTLY AND SEVERALLY LIABLE FOR THE VIOLATIONS DESCRIBED IN COUNTS ONE AND TWO OF THE COMPLAINT THAT OCCURRED IN THE MELVILLE BRANCH.
• Resolution: Decision
• Sanction Details :: Sanctions: Monetary/Fine
• Sanction Details :: Amount: $500,000.00 Sanctions: Disgorgement/Restitution Sanctions: Bar
• Sanction Details: 04-05-00, DEFAULT DECISION RENDERED APRIL 5, 2000 WHEREIN RESPONDENT IS FINED $500,000, BARRED FROM ASSOCIATION WITH ANY NASD MEMBER IN ANY CAPACITY, AND ORDERED TO PAY $589,466.88, PLUS INTEREST, IN RESTITUTION TO PUBLIC CUSTOMERS. IF NO FURTHER ACTION, DECISION IS FINAL APRIL 30, 2000. APPEALED TO NAC ON 4/10/2000. 08-23-00,THE NAC DISMISSED THE APPEAL AS ABANDONED ON 8/14/00. APRIL 30, 2000 – THE DECISION IS FINAL.

DISCLOSURE 4 – 

• Event Date: 5/28/1997
• Disclosure Type: Regulatory
• Disclosure Resolution: Final
• Disclosure Detail :: DocketNumberFDA:
• Initiated By: NEW JERSEY BUREAU OF SECURITIES
• Allegations: ADMINISTRATIVE COMPLAINT ISSUED PROPOSING TO REVOKE VINCENT GRIECO’S AGENT REGISTRATION AT IAI FOR, AMONG OTHER THINGS: EMPLOYING HIGH PRESSURE BOILER ROOM SALES PRACTICES IN CONNECTION WITH THE OFFER, SALE OR PURCHASE OF SECURITIES IN ORDER TO DEFRAUD INVESTORS; AND SELLING UNREGISTERED SECURITIES IN AND FROM NEW JERSEY. CIVIL MONETARY PENALTIES REQUESTED IN THE ADMINISTRATIVE COMPLAINT. A CEASE AND DESIST ORDER WAS SIMULTANEOUSLY ISSUED WITH THE ADMINISTRATIVE COMPLAINT, WHICH ORDERED VINCENT GRIECO TO IMMEDIATELY CEASE AND DESIST FROM: OFFERING OR SELLING UNREGISTERED SECURITIES WITHIN, FROM OR INTO NEW JERSEY; HIRING OR EMPLOYING, DIRECTLY OR INDIRECTLY, UNREGISTERED AGENTS; AND DEFRAUDING INVESTORS IN VIOLATION OF NEW JERSEY ANTI-FRAUD PROVISIONS.
• Resolution: Order
• Sanction Details :: Sanctions: Cease and Desist/Injunction
• Sanction Details: Not Provided
• Broker Comment: I WAS NOT A BROKER ON ANY ACCOUNT IN QUESTION

According to a study prepared for the FINRA Investor Education Foundation, 80 percent of American investors report that they have been solicited to participate in a fraud scheme, while 11 percent of American investors report that they personally lost money as a result of fraud.

FINRA notes that the rate of investment fraud is most likely much higher than it is reported. This is because many victims of financial advisor scams are too ashamed to come forward. Further, the study also found that a significant number of investors do not know how to spot common red flags of investment fraud. The least you should do is share your experience with other potential victims of investment scams.

Previous Associations

Under federal securities law and securities industry regulations, registered investment firms have a legal duty to supervise their financial advisors. Section 15(b)(4)(E) of the Securities and Exchange Act of 1934 makes a securities firm liable for the conduct of representatives.

• H.J. MEYERS & CO., INC. (CRD#: 15609) :: 5/1/1997 – 6/12/1997 :: ROCHESTER, NY
• INVESTORS ASSOCIATES, INC. (CRD#: 958) :: 2/22/1995 – 4/18/1997 :: HACKENSACK, NJ
• VISION INVESTMENT GROUP, INC. (CRD#: 28135) :: 6/13/1994 – 3/9/1995
• CAMELOT INVESTMENT CORP. (CRD#: 21925) :: 4/15/1993 – 9/26/1994
• MEYERS POLLOCK ROBBINS, INC. (CRD#: 13436) :: 9/15/1992 – 10/23/1992 :: NEW YORK, NY
• INVESTORS ASSOCIATES, INC. (CRD#: 958) :: 7/29/1991 – 4/29/1992 :: HACKENSACK, NJ
• PAULSON INVESTMENT COMPANY, INC. (CRD#: 5670) :: 3/19/1991 – 7/30/1991 :: LAKE OSWEGO, OR
• J. GREGORY & COMPANY, INC. (CRD#: 14892) :: 10/4/1990 – 4/12/1991
• ALLIANCE SECURITIES CORPORATION (CRD#: 15468) :: 3/8/1991 – 4/8/1991
• KOCHCAPITAL (CRD#: 21038) :: 2/2/1990 – 10/19/1990
• GLOBAL CAPITAL SECURITIES, INC. (CRD#: 13358) :: 10/26/1989 – 2/3/1990
• STRATTON OAKMONT INC. (CRD#: 18692) :: 6/26/1989 – 10/25/1989 :: LAKE SUCCESS, NY
• STRATTON SECURITIES, INC. (CRD#: 11658) :: 6/19/1989 – 6/26/1989
• INVESTORS CENTER, INC. (CRD#: 14670) :: 6/13/1988 – 3/10/1989 :: HAUPPAGUE, NY
• THE STUART-JAMES COMPANY, INC. (CRD#: 11691) :: 10/22/1986 – 6/23/1988

The duty to supervise securities representatives is a strong legal requirement. Registered investment firms must take many different steps to ensure that they are protecting their customers from irresponsible and criminal financial advisors.

Legit or Not?

Unfortunately, stockbroker fraud is more common than many investors would like to think. And yes, stockbrokers (including Vincent Grieco, but not limited to)  can (and do) steal money from their clients. While it’s rare that a broker will literally steal his client’s money (though that does happen), typically the “theft” of investment funds comes in the form of other fraudulent violations of securities law and FINRA rules which leads to significant investment losses.

Investors generally understand that there are risks associated with buying and selling securities. The market can go up, and the market can go down. No matter how skilled of an investor you are, there are always risks. With that being said, sometimes investment losses cannot be blamed on simple back luck.

There are 10 major types of complaints we receive against Investment Brokers –

• Outright Theft (Conversion of Funds)
• Unauthorized Trading
• Misrepresentation or Omission of Material Facts
• Excessive Trading (Churning)
• Lack of Diversification
• Unsuitable Investment Recommendations
• Failure to Disclose a Personal Conflict of Interest
• Front Running of Transactions
• Breakpoint Sale Violations
• Negligent Portfolio Management

Do your due diligence before investing. Public records are available for everybody to review and decide on the safest bet. 

How to Protect Yourself

We, as citizens, place a great deal of trust in the financial advisors who are tasked with helping us achieve and maintain financial security. Most of the time financial advisors and stockbrokers are honest folks who work diligently in their client’s best interests. However, on occasion financial advisors and the brokerage firms who employ them mess up and cause serious financial harm to their clients. Sometimes these losses are caused by simple negligence. Other times fraud or other serious misconduct is to blame.

Here are 5 signs that your broker needs to be reported –

• Breach of Fiduciary Duty: Under the Investment Advisers Act of 1940, certain investment professionals, known as registered investment advisors (RIAs), owe fiduciary obligations to their customers. Your investment broker must always look out for your best interests. If you lost money because of your broker’s breach of fiduciary duty, you may be entitled to compensation for the full value of your damages.
• Unsuitable Investments: Many financial advisors are not fiduciaries. Instead, they are held to the suitability standard. These stockbrokers and financial advisors can only sell and recommend financial products that are appropriate for a customer’s unique investment profile. If you lost money in unsuitable investments, you should consider reporting them.
• Material Misrepresentations or Omissions: Brokers have a duty to make fair and honest representations to their clients. If they fail to do so, and an investor loses money due to a misrepresentation or a material omission, the broker may be liable for the investor’s losses.
• Lack of Diversification: Brokers must also act with the appropriate level of professional skill. Pushing a customer into over-concentrated investments is highly risky. Brokers can be held liable for losses sustained because of an investor’s inappropriate lack of diversification.
• Excessive Trading (Churning): Stockbrokers and financial advisors must have a well-grounded, reasonable basis to execute all trades. Unfortunately, there are cases in which brokers will frequently trade on a customer’s account, simply to increase their own fees. This unlawful practice is known as churning.
• Unauthorized Trading: Brokers must have the proper legal authority to make transactions on behalf of a client. If you lost money because your broker made trades that you never approved of, you may have been the victim of unauthorized trading. You should consult with an experienced attorney.

Report Vincent Grieco

In order to prevail in an investment fraud lawsuit or FINRA arbitration cases, you must be able to assert a viable ‘cause of action’.

Vincent Grieco – and the firm that employs this broker – is regulated by the Financial Industry Regulatory Authority (FINRA). FINRA provides an online form to allow investors to file a formal complaint against their financial advisor, stockbroker, or brokerage firm.

Click here to go to FINRA’s Online Complaint Form →

This form will ask you for specific information related to your complaint. Be prepared by gathering the following:

• Name and symbol for the investment product in question.
• The CRD number (1568462) for the broker – Vincent Grieco
• Your complete contact information.

Remember, it is advised to report your broker to FINRA, only after you have exhausted all of your other remedies and carefully prepared a compelling complaint.  Once you file a complaint against your broker at FINRA, your case will be bound by FINRA’s rules and the arbitration panel’s eventual decision. The time clock will start, and your complaint will be served on your broker or broker-dealer.

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