Gregory J. Anastos of New York New York a stockbroker currently registered with Windsor Street Capital LP (formerly Meyers Associates L.P.) has been suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Office of Hearing Officers Order Accepting Offer of Settlement containing findings that Anastos effected excessive trades in a customer’s account and exercised discretion without procuring written authorization.
According to the Order, during the time that Anastos was associated with Meyers Associates L.P., he made recommendations to married customers DR and IR that they pursue a short term strategy involving one security that the couple held for over three decades. The trading strategy required the customers to pay markups, markdowns and commissions totaling $78,158.00 even though the customers sustained massive losses.
The Order further revealed that in December of 2014, Anastos was the broker of record for DR and IR’s Trust account held at Windsor Street. Evidently, between December of 2014 and December of 2015, short term trading of Huntington Bancshares, Inc. stock had been recommended by Anastos. Additionally, the Trust was advised to make purchases and sales of Huntington Bancshares call options, and in some cases, use margin to effect transactions.
The Order revealed that the Trust account was excessively traded by Anastos. Anastos reportedly recommended twenty six transactions in total, twenty-four of which involved Huntington Bancshares options or equities. The Order stated that Customers DR and IR sustained $69,623.00 in losses as a result of following Anastos’ recommendations. Particularly, all transactions in the Trust account had been recommended by Anastos, and the control of the Trust account was in Anastos’ hands. FINRA concluded that Anastos’ excessive trading was violative of FINRA Rules 2010 and 2111. FINRA also concluded that Anastos’ exercise of discretion without written authorization was violative of FINRA Rules 2010 and 2510(b).
FINRA Public Disclosure reveals that a customer initiated investment related arbitration claim regarding Anastos’ conduct was settled for $88,671.00 in damages founded on accusations of suitability and excessive trading in regards to the customer’s over-the-counter equities portfolio. FINRA Arbitration No. 17-00943 (Apr. 18, 2017). The customer additionally alleged that Meyers Associates LP failed to supervise Anastos’ trading activities.
The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.
This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
