Josette Lee Greechan, of White Plains, New York, a stockbroker registered with Merrill Lynch, Pierce, Fenner & Smith, Incorporated, has been sanctioned according to a Stipulation and Order for Withdrawal issued by the State of Michigan Department of Licensing and Regulatory Affairs, Corporations, Securities & Commercial Licensing Bureau, based upon allegations that Greechan entered into an unauthorized loan arrangement with a customer of the firm. In the matter of Josette L. Greechan, Agency No. 331430 (June 6, 2017).
Greechan’s sanction comes after the Department issued and entered an Intent to Deny Securities Agent Registration Application on January 30, 2017. Apparently, Greechan accepted $500,000.00 in funds from a customer; conduct that the Director deemed to be an unethical and dishonest business activity. Greechan’s securities registration was denied under Securities Act Section 412(1).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on November 8, 2016, Greechan was fired by Merrill Lynch, Pierce, Fenner & Smith Incorporated, based upon allegations that he caused the firm’s supervisory staff to lose confidence in him by consummating an unauthorized loan arrangement with a customer.
Additionally, on September 29, 2016, a customer filed an investment related written complaint involving Greechan’s conduct, in which the customer requested $900,000.00 in damages supported by allegations that Greechan effected an unauthorized loan transaction, made unsuitable investment recommendations to the customer, and effected unauthorized and excessive equity trades in the customer’s account.
Greechan’s registration with Oppenheimer & Co. Inc. was terminated on December 9, 2016.
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