Sign of the Financial Industry Regulatory Authority

Gregory Jon Mancuso of El Segundo California a stockbroker formerly registered with BMA Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to a Default Decision containing findings that Mancuso lied to FINRA investigators while he testified about his involvement with two customers’ fund transfers. Department of Enforcement v. Gregory J. Mancuso Disciplinary Proceeding No. 2020066608501 (Mar. 31, 2021).

According to the Decision, Mancuso serviced the brokerage accounts of two disabled BMA customers. A family member of one of the customers complained to FINRA about Mancuso’s activities. That family member, who was the customer’s attorney-in-fact, expressed concerns that they could not find the assets held by the customer and were not able to get a hold of Mancuso for answers.

That attorney-in-fact mentioned that Mancuso might have caused the dementia-ridden customer to sell their annuity and to transfer proceeds into a Swiss asset management company with which Mancuso was affiliated. The regulator also discovered that the customer executed a loan with a Delaware limited partnership. That loan concerned the Swiss asset management company. FINRA’s investigation into Mancuso’s conduct ensued.

When Mancuso made an appearance and testified about his activities, he concealed his part in the customers’ transfers including that he told the customer to liquidate their annuity and to transfer proceeds into the Swiss asset management company. The stockbroker also failed to come clean about his attempt to have an attorney change the customer’s power of attorney.

Mancuso was charged by Department of Enforcement with falsifying testimony during FINRA’s investigation into his handling of the two disabled customers’ brokerage accounts. He was accused by FINRA in the Complaint with having instructed the customers to move a substantial amount of their life savings into an entity in which Mancuso maintained an affiliation.

Mancuso failed to answer the Complaint resulting in FINRA’s Office of Hearing Officers finding that Mancuso lied to FINRA in violation of FINRA Rules 2010 and 8210.

FINRA Public Disclosure reveals that Mancuso has been terminated from at least two securities broker dealers for alleged misconduct. He was terminated by BBVA Securities Inc. during the time that he was internally investigated for possibly violating its account opening procedure. He was also terminated by Crowdvest Securities LLC on October 12, 2020 based upon FINRA’s determination to recommend disciplinary action against Mancuso for falsifying testimony and failing to provide information and documents in response to FINRA’s requests.