Securities Arbitration Investment Fraud Lawyers » Investment and Regulatory News » Investors Settle FINRA Arbitration Claim Against First Allied Securities

man with money in pocket

Gregory Alan Levine of Fort Lauderdale, Florida, a stockbroker registered with First Allied Securities Inc., was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $80,000.00 in damages based upon allegations that Levine “borrowed” money from the customer when Levine was associated with First Allied Securities Inc. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-02685 (February 27, 2020).

FINRA Public Disclosure shows that Levine is referenced in nine other customer initiated investment related disputes concerning Levine’s conduct while associated with securities broker dealers, including First Allied Securities Inc. On October 6, 2015, a complaint involving Levine’s conduct was settled for $2,589.74 in damages based upon allegations that Levine charged excessive commissions in connection with the sale of equities.

Between May 23, 2018, and July 31, 2018, three other customer initiated complaints involving Levine’s conduct were settled for a combined $105,400.00 in damages based upon allegations that Levine “borrowed” money from the customers.

FINRA Public Disclosure also shows that on April 9, 2018, Levine was barred from associating with any FINRA member in any capacity because Levine failed to respond to FINRA’s request for information. FINRA Case No. 2017054899701. The regulator issued a Notice of Suspension letter to Levine on January 4, 2018, and a Suspension from Association letter on January 29, 2018. By April 8, 2018, the stockbroker failed to request the termination of his suspension or otherwise cooperate with FINRA, so he was automatically barred.

Levine was associated with First Allied Securities Inc. in Fort Lauderdale, FL, as a stockbroker from July of 2012 to July of 2017. On June 21, 2017, First Allied Securities Inc. discharged Levine based upon allegations that Levine engaged in private securities transactions.