Gregory Dean, Former Worden Capital Broker, Barred for Excessive and Reckless Trading in Customer Accounts to Inflate Commission

FINRA barred Mr. Dean from the securities industry after an investigation on August 16th.

Sonn Law is investigating Former Worden Capital Management Broker Gregory Dean. We represent investors in the United States for claims against brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 866–827–3202, or complete our contact form for a free consultation.

Gregory Dean (CRD# 4922996) is a previously registered broker. From 2014 to 2019, Mr. Dean was a registered representative with Worden Capital Management, LLC, based in Rockville Centre, New York. On August 16, 2019, FINRA barred Mr. Dean from the securities industry after an investigation revealed that he had exercised de facto control over customers’ accounts and that he had engaged in excessive and reckless trading (Letter of Acceptance, Waiver and Consent №2017052699901).

According to the Letter, Mr. Dean’s trading resulted in total losses of more than $1.8 million. Mr. Dean’s strategies made it nearly impossible to generate trading profits while increasing his commissions. The report found that Mr. Dean made more than $700,000 in commissions and fees as a result of his conduct.

The final FINRA action marks the third time Mr. Dean has had a regulatory action entered against him, according to his BrokerCheck report. In February 2013, the Arkansas Securities Department assessed a $10,000 fine and cease and desist on Mr. Dean for violating rules concerning the FTC’s Do Not Call Registry. A broker comment indicates that this call was apparently made in error.

More recently on June 26, 2019, the SEC barred Mr. Dean from registration with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO. This action prompted Worden Capital to discharge Mr. Dean from his position.

Mr. Dean’s BrokerCheck report also contains 14 customer disputes dating back to November 2013. Many are still pending, including the most recent complaint entered July 1, 2019, alleging “negligence, unsuitability, breach of fiduciary duty, breach of contract, negligent misrepresentation and omissions.” Other disputes include similar allegations, additionally including excessive trading and churning.

Prior to his registration with Worden Capital, Mr. Dean was most recently employed by J.D. Nicholas & Associates, Inc. (2007–2014) and American Capital Partners, LLC (2005–2007).

Under FINRA Rules, member firms are responsible for supervising their brokers and may be liable for misconduct. Investors may be able to recover some or all of their investment losses through FINRA arbitration.

Jeffrey R. Sonn is an experienced investor losses attorney. If you suffered losses because a financial professional or corporate executive misappropriated funds, Mr. Sonn will protect your rights and interests. Please do not hesitate to contactthe Sonn Law Group today for a free review of your claim.