Galvin Legal is launching an investigation on behalf of investors who may have suffered losses investing with Jeffrey Griffin. If you suffered losses investing with Jeffrey Griffin, then Galvin Legal may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
Jeffrey Griffin (CRD# 3232749)
As of July 16, 2018, Jeffrey Griffin’s FINRA BrokerCheck Report contains the following:
Disclosure Events
2 Customer Dispute(s)
2/7/2012 – Customer Dispute – Pending
Allegations: MISREPRESENTATION,UNSUITABLE RECOMMENDATIONS,NEGLIGENCE,INTENTIONAL FRAUD,VIOLATION OF SECTION 10(B) AND RULE 10B-5 OF THE SECURITIES AND EXCHANGE ACT OF 1934.
Damage Amount Requested: $324,000.00
2 Regulatory Event(s)
8/6/2013 – Regulatory – Final
Initiated By FINRA
Allegations: WILLFUL VIOLATION OF SECTION 10(B) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULE 10B-5, VIOLATION OF FINRA RULES 2010, 2020, 2150, 3270, 8210, NASD RULE 3030: GRIFFIN FORMED A LIMITED LIABILITY COMPANY, WHILE REGISTERED WITH HIS MEMBER FIRM, SERVED AS ITS SOLE MEMBER AND MANAGER, OPENED A BANK ACCOUNT IN ITS NAME, AND DID NOT DISCLOSE OR PROVIDE WRITTEN NOTICE OF HIS INVOLVEMENT WITH THE COMPANY TO HIS FIRM. GRIFFIN FORMED THE COMPANY AS A VEHICLE FOR SOLICITING POTENTIAL INVESTORS TO GIVE HIM MONEY THAT HE WOULD USE TO DAY TRADE EXCHANGE TRADED FUNDS (ETFS). SUBSEQUENTLY, GRIFFIN INDUCED INDIVIDUALS, A WOMAN AND HER SON, TO DELIVER CHECKS TO HIM, TOTALING $324,000, BASED ON HIS REPRESENTATIONS THAT HE WAS AN EXPERIENCED WALL STREET TRADER AND THAT HE WOULD USE THE FUNDS TO TRADE SECURITIES AT THE COMPANY, WHICH HE REPRESENTED WAS PART OF HIS EMPLOYING FINRA FIRM. THE WOMAN DID NOT SPEAK ENGLISH, AND HER SON WAS AN UNEMPLOYED RECENT COLLEGE GRADUATE WITH NO INVESTMENT EXPERIENCE. CONTRARY TO HIS REPRESENTATIONS, GRIFFIN HAD NO EXPERIENCE AS A TRADER AND HIS COMPANY WAS NOT PART OF HIS MEMBER FIRM. LIKEWISE, GRIFFIN ONLY PLACED $100,000 IN HIS COMPANY’S ACCOUNT, WHICH HE LOST DAY TRADING ETFS, WHILE HE CONVERTED AND SPENT THE REMAINDER (MINUS $22,000 THAT HE RETURNED TO THE INDIVIDUALS AS DISTRIBUTIONS FROM THE COMPANY) ON PERSONAL EXPENSES. THE USE OF THE INDIVIDUAL’S FUNDS FOR PERSONAL EXPENSES WAS CONTRARY TO GRIFFIN’S REPRESENTATION THAT THEIR FUNDS WOULD BE USED TO PURCHASE AND SELL SECURITIES THROUGH THE COMPANY. THIS CONDUCT WAS AN IMPROPER USE AND CONVERSION OF THE INDIVIDUALS’ FUNDS BY GRIFFIN. GRIFFIN COMMUNICATED WITH THE INDIVIDUALS USING THE TELEPHONE IN FURTHERANCE OF HIS FRAUDULENT SCHEME. THEREFORE, GRIFFIN, IN CONNECTION WITH THE PURCHASE OR SALE OF A SECURITY WILLFULLY VIOLATED SECTION 10(B) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULE 10B-5 PROMULGATED THEREUNDER. GRIFFIN FAILED TO RESPOND IN A TIMELY MANNER TO REQUESTS FROM FINRA FOR INFORMATION AND DOCUMENTS.
Resolution: Acceptance, Waiver & Consent(AWC)
Sanctions: Bar
Regulator Statement: WITHOUT ADMITTING OR DENYING THE FINDINGS, GRIFFIN CONSENTED TO THE DESCRIBED SANCTION AND TO THE ENTRY OF FINDINGS; THEREFORE, HE IS BARRED FROM ASSOCIATION WITH ANY FINRA MEMBER IN ALL CAPACITIES. GRIFFIN UNDERSTANDS THAT THIS SETTLEMENT INCLUDES A FINDING THAT HE WILLFULLY VIOLATED SECTIONS 10(B) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULE 10B-5 PROMULGATED THEREUNDER. PURSUANT TO ARTICLE III, SECTION 4 OF FINRA’S BY-LAWS, THIS MAKES HIM SUBJECT TO A STATUTORY DISQUALIFICATION WITH RESPECT TO ASSOCIATION WITH A MEMBER.
1 Investigation(s)
11/1/2011 – Investigation
Initiated By NEW JERSERY STATE SECURITIES BOARD
Description of Investigation: OFFICIAL INVESTIGATION UNDER N.J.S.49:3-68 CONCERNING ACTIVITIES WHILE EMPLOYED AT NATIONAL SECURITES CORP.
3 Judgment(s)/Lien(s)
Current and Previous Registrations
09/07/2011 – 02/27/2012 NATIONAL SECURITIES CORPORATION (CRD#:7569) ISELIN, NJ
07/14/2011 – 08/03/2011 DIMENSION TRADING GROUP, LLC (CRD#:147929) NEW YORK, NY
11/11/2003 – 12/23/2010 NATIONAL SECURITIES CORPORATION (CRD#:7569) ISELIN, NJ
04/25/2002 – 10/21/2003 FIRST MONTAUK SECURITIES CORP. (CRD#:13755) RED BANK, NJ
01/31/2002 – 04/10/2002 J.P. TURNER & COMPANY, L.L.C. (CRD#:43177) ATLANTA, GA
12/15/2001 – 02/06/2002 MIDWEST DISCOUNT BROKERS INC. (CRD#:29931) NEW YORK, NY
05/19/2000 – 12/15/2001 ANDREW GARRETT, INC. (CRD#:36250) NEW YORK, NY
FINRA requires brokerage firms to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. Brokerage firms that fail to conduct adequate due diligence or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses investing with Jeffrey Griffin and would like a free consultation with a securities attorney, then please call Galvin Legal at 1-800-405-5117.
Galvin Legal is a national securities arbitration, mediation, fraud, and investor protection law practice. For more information on Galvin Legal, please visit www.galvinlegal.com or call 1-800-405-5117.