Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Robert Gleason (Gleason), previously associated with Ifp Securities, LLC, has at least one disclosable event. These events include one regulatory event, alleging that Gleason recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on April 05, 2024.
Without admitting or denying the findings, Gleason consented to the sanctions and to the entry of findings that he willfully violated the Best Interest Obligation under Rule 15l-1(a)(1) of the Securities Exchange Act of 1934 by recommending a series of transactions in the account of a retail customer that was excessive in light of the customer’s investment profile and, therefore, was not in the customer’s best interest. The findings stated that in recommending these transactions, Gleason placed his interests ahead of the interests of the customer. At the time of the trading, the customer was in her early sixties, and had an investment profile reflecting an income of $50,000 and a liquid net worth of $700,000. Gleason’s recommendations for the customer involved a pattern of in-and-out, short-term trading, and he failed to consider the cumulative costs of his trading. As a result, the customer paid more than $28,000 in commissions and trade costs during an 11-month period.