Gregory Ray Powell of Birmingham, Alabama, a stockbroker formerly registered with LPL Financial LLC, is the subject of a customer initiated investment related arbitration claim, where customers have alleged that between 2006 to 2015, their investment accounts were improperly managed, misrepresentations were made relating to investments, fees were excessively charged, and their investment portfolios were churned. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-00730 (Apr. 20, 2017).
FINRA Public Disclosure reveals that Powell is the subject of six additional customer initiated investment related disputes pertaining to accusations of his wrongdoing during the time he was registered with Morgan Stanley and LPL Financial LLC. Specifically, on December 4, 2001, a customer filed an investment related written complaint involving Powell’s conduct, where the customer requested $45,000.00 in damages founded on allegations that Powell falsely represented that the customer would receive a twelve percent annual rate of return through a variable annuity that the customer purchased.
Thereafter, a customer initiated investment related arbitration claim regarding Powell’s activities was resolved for $30,000.00 in damages based upon allegations that Powell effected mutual fund purchases in the customer’s account that were not suitable for the customer. National Association of Securities Dealers (NASD) Arbitration No. 05-01095 (Apr. 21, 2006). Another arbitration claim involving Powell’s conduct was settled for $9,500.00 in damages supported by accusations of suitability in reference to the customer’s mutual fund holdings. NASD Arbitration No. 05-01416 (May 2, 2006).
Subsequently, a customer initiated investment related arbitration claim pertaining to Powell’s activities was resolved for $7,500.00 in damages based upon allegations that Powell made unsuitable stock recommendations to the customer. FINRA Arbitration No. 09-05788 (Nov. 4, 2010).
Further, a customer filed an arbitration claim involving Powell’s conduct alleging that the customer’s investment account was mismanaged, and that misrepresentations were made to the customer about government debt and variable annuity products. According to the customer, Powell made unsuitable investment recommendations concerning an annuity, and over-concentrated the customer’s investment portfolios in bonds between 2009 and 2015. FINRA Arbitration No. 17-00730 (Mar 27, 2017).
Moreover, on September 25, 2017, a customer initiated investment related complaint regarding Powell’s activities was resolved for $230,000.00 in damages supported by allegations that Powell made misrepresentations concerning the investment returns of exchange traded funds, limited partnership interests, mutual funds, equities, as well as government and corporate debt products.
Guiliano Law Group
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