Gregory Thormann Pease, of New York, New York, a stockbroker formerly registered with Wells Fargo Clearing Services, LLC, is the subject of a customer initiated investment related civil action on November 14, 2016, in which the customer requested more than $5,000.00 in damages based upon allegations that he failed to provide the customer with an adequate explanation about payments that the customer was required to make in order to keep the customer’s insurance policy in force.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Pease has been identified in seven more customer initiated investment related disputes pertaining to allegations of his wrongdoing while he was associated with Morgan Stanley Smith Barney, as well as Merrill Lynch, Pierce, Fenner & Smith, Inc., and Wells Fargo Advisors, LLC. Specifically, on November 8, 2003, a customer initiated investment related written complaint involving his conduct was settled for $518,000.00 in damages based upon allegations including inadequate supervision, negligence, and breach of fiduciary duties in regards to mutual fund transactions effected in the customer’s account.
Subsequently, on December 22, 2005, a customer initiated investment related arbitration claim regarding Pease’s activities was resolved for $117,500.00 in damages founded upon allegations that Pease made faulty valuations of the technology based markets, and invested the customer’s assets in over-the-counter equities in a manner that was not suitable given the customer’s tolerance for risk. On September 26, 2005, another customer initiated investment related arbitration claim involving Pease’s conduct was settled for $100,000.00 in damages based upon allegations that he made unsuitable investment recommendations to the customer as well as misrepresentations about the risk factors pertaining to mutual fund investments.
Moreover, on May 19, 2006, a customer initiated investment related arbitration claim pertaining to Pease’s activities was resolved for $137,500.00 in damages supported by allegations that Pease effected unauthorized trades in the customer’s account and effected stock transactions that were not suitable for the customer. On November 18, 2009, another customer filed an investment related written complaint concerning Pease’s conduct, where the customer sought $15,542.00 in damages based upon allegations that Pease effected unauthorized hedge fund trades in the customer’s portfolio and made investment based misrepresentations to the customer.
Furthermore, on August 12, 2013, a written complaint pertaining to Pease’s activities was settled for $4,020.00, wherein the customer’s claim was founded upon allegations against Pease of failing to abide by investment instructions involving the customer’s allocation in mutual funds. Pease was then identified in a customer initiated investment related complaint that settled on March 25, 2016, for $10,297.88 in damages, in which the customer’s claim was based upon allegations that Pease traded in the customer’s account without considering the customer’s investment goals.
Pease’s registration with Wells Fargo Clearing Services was terminated on January 3, 2017.
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