Gregory Gassoso of Edison New Jersey is a stockbroker formerly registered with National Securities Corporation who has been fined five thousand dollars and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he executed unauthorized stock trades in a customer’s investment account. Letter of Acceptance Waiver and Consent No. 2013039506601 (Aug. 10 2015).
According to the AWC, without the consent of customer JG, Gassoso effected the purchase of one-thousand Doubleline Income Solution stock shares; two-thousand five hundred Penn West Petroleum stock shares; and one-thousand five hundred Amarin Corp stock shares. FINRA found that Gassoso’ conduct was violative of FINRA Rule 2010.
Gassoso has been sanctioned two additional times by regulators for effecting transactions without having the appropriate authorization. Particularly, he has been fined $5,000.00 and suspended from associating with any National Association of Securities Dealers (NASD) member in any capacity based upon consenting to findings that while associated with Barron Chase Securities, Inc., Gassoso established customer accounts for customers without their knowledge or consent. Letter of Acceptance, Waiver and Consent, No. C10030032 (May 21, 2003). His conduct was found by NASD to be violative of NASD Rule 2110.
Subsequently, he was fined and suspended by NASD in all capacities according to an Office of Hearing Officers Order Accepting Offer of Settlement containing findings that while Gassoso was associated with Investprivate, Inc., he placed three mutual fund transactions in customer DN’s accounts despite DN never having authorized the transactions, and placed equity purchases in customer ON’s account without the customer’s consent. Department of Enforcement v. Gregory Gassoso, Disciplinary Proceeding No. E102003059702 (Dec. 9, 2005). NASD again concluded that Gassoso’ conduct was violative of NASD Rule 2110.
FINRA Public Disclosure confirms that Gassoso has been referenced in six additional customer initiated investment related disputes pertaining to accusations of Gassoso’s improper conduct while employed with InvestPrivate, Inc. and National Securities Corp. Particularly, on November 23, 2002, a customer filed an investment related written complaint involving Gassoso’s conduct, alleging that over-the-counter equities were bought and sold without ever having been consented to by the customer. Another customer complaint pertaining to Gassoso’s activities was settled on June 3, 2003, for $23,700.00 in damages supported by allegations of unauthorized over-the-counter equity transactions.
Then, on April 13, 2007, a customer filed an investment related written complaint regarding Gassoso’s activities, in which the customer requested $25,000.00 in damages founded on accusations that Gassoso utilized high-pressure sales tactics to get the customer to submit to making purchases of Invest Bio Ventures Partnership interests even though the investment was not suitable for the customer. On May 13, 2013, another customer filed an investment related written complaint regarding Gassoso’s activities, in which the customer alleged that unsuitable investment recommendations were made to the customer pertaining to private placements and over-the-counter equities.
Moreover, a customer filed an investment related arbitration claim regarding Gassoso’s activities in which the customer sought $36,509.00 in damages based upon allegations of breach of fiduciary duty and suitability with respect to over-the-counter equities trades placed in the customer’s portfolio.
Since July 25, 1997, Gassoso has been associated with eight different broker dealers, four of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
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