Greg Anastos – Gregory J Anastos, Financial Advisor Suspended from Securities Industry | Goodman & Nekvasil P.A., May Recover Investor Losses
Greg Anastos CRD #5800831
Greg Anastos has been licensed with Craft Capital Management, LLC in New York since 2019. FINRA reports that Greg Anastos was suspended for four months and fined $2,500 in June 2018.
ACCORDING TO FINRA: Greg Anastos consented to the sanction and to the entry of findings that he recommended, over an approximate 13-month period, that elderly husband and wife customers engage in short-term trading of a single security, resulting in significant losses for them and generating over $78,158 in commissions, markups and markdowns for himself. The findings stated that the elderly customers had held the single security for over 36 years. Greg Anastos became the broker for the member firm account of the elderly customers’ trust (the “Trust”). Greg Anastos recommended short-term, in-and-out trading of large positions of a company’s stock (the single security), as well as made recommendations for purchasing and selling the single security call options and at times using margin in the Trust account for the transactions. Greg Anastos excessively traded the account, recommending a total of 26 transactions (24 of which involved the same single security or options relating to it). This resulted in $69,623 in losses to the elderly customers. Greg Anastos recommended all of the transactions in the Trust account and exercised control over the account. Greg Anastos’ trading in the Trust account was excessive, as evidenced by the high turnover rates and high commission-to-equity and cost-to-equity ratios, and it was inconsistent with the investment profile of the customers’ Trust. The customers’ listed their investment profile as “moderate.” Greg Anastos did not have reasonable grounds or a reasonable basis for believing that the recommended transactions were suitable for the trust in light of the customers’ investment objectives, risk tolerance and financial situation. The findings also stated that Anastos exercised discretionary power in the account without written authority. The customers, as trustees of the Trust, never gave written discretionary authority to Greg Anastos or his firm. The firm, further, never accepted the Trust account as a discretionary account. Greg Anastos effected 18 of 26 transactions in the account without speaking to either of the elderly customers prior to the transactions on the dates of the transactions.
If you lost money on investments with Greg Anastos and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action concerning Greg Anastos’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you lost money on investments with Greg Anastos and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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