Gregory Young, Former Voya Financial Advisors Broker, May Face Finra Arbitration for Misrepresenting Variable CDs to Clients

Mr. Young has paid out over $100,000 in settlements related to misrepresentation since mid-2017

If you’ve lost money investing with Gregory Young or Voya Financial Advisors, you may have a claim. Contact Sonn Law today by filling out our form to submit a confidential message, or call us anytime at 866–827–3202 to schedule a free consultation.

Gregory Scott Young (CRD# 3063221) is a previously registered broker. Mr. Young was most recently a registered representative with Comprehensive Asset Management and Servicing, based in Columbia, South Carolina, for less than one year during 2017. Prior to his position with Comprehensive Asset Management, Mr. Young was registered with Voya Financial Advisors, based in Blythewood, South Carolina, from 2012 to 2017.

In October 2017, Mr. Young was permitted to resign from his position with Comprehensive Asset Management following allegations that he failed to disclose an arbitration in which he was a named party. This failure to disclose violated both firm policy and FINRA Rules.

Mr. Young has a total of five disclosures on his BrokerCheck report, including the employment separation. The other four are all customer disputes, dating back to July 2017. Only one remains pending.

The oldest disclosure, dated July 17, 2017, alleged “misrepresentation of product” and is seeking $1,500 in damages. It is currently pending.

The next dispute, from October 2017, alleged that Mr. Young offered a certificate of deposit (CD) that paid 7.75% interest for 7 months, purchased in April 2015. The complaint requested $9.434.98 and settled for $7,750.

There were two other disputes filed in 2018. The first, dated February 28, 2018, alleged misrepresentation of a variable CD and corporate bond during the period leading up to their purchase. The complaint requested $50,000 but was ultimately settled for $35,000.

The second, dated July 9, 2018, alleged misrepresentation of a variable CD during the period leading up to its purchase and requested $85,000 in damages. It was ultimately settled for $61,685.31.

CDs are structured securities often offered by brokers because of their high commission. Pending arbitration claims against Mr. Young allege that he illegally made recommendations to his clients regarding these kinds of securities, despite the fact that they generally do not provide greater returns while being more costly and illiquid than traditional investments. In doing so, it is alleged that Mr. Young put his own interest ahead of the client’s as he is required to do under FINRA Rules.

Mr. Young has been in the securities industry since 1998 and has worked for several brokerage firms, including Chase Investment Services (2006–2008) and J.P. Turner & Company (2010–2012).

Did You Lose Money Investing with Gregory Young or Voya Financial Advisors?

Under FINRA Rules, brokerage firms are responsible for supervising their brokers and may be liable for their misconduct. If you lost money investing in an illiquid CD with Gregory Young or Voya Financial Advisors, you may have a claim. Contact Sonn Law Group today by filling out our form or giving us a call at 866–827–3202 to set up a free consultation.