Shaun Grimaldi: E1 Advisor Faces $4 Million Complaint

Jersey City financial advisor Shaun Grimaldi (CRD# 4529021) recently received an investor complaint alleging that he mismanaged funds in a customer’s account. Financial Industry Regulatory Authority records show that he is a broker with E1 Asset Management.

Mr. Grimaldi’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in June 2023, alleges that as a representative of E1 Asset Management, he mismanaged funds in the account of a deceased customer. The pending complaint alleges unspecified damages.

An earlier investor complaint, filed in May 2023, alleges that he engaged in unspecified misconduct as a representative of E1 Asset Management. The pending complaint alleges damages of $4 million.

A third investor complaint, filed in 2015, alleged that he misrepresented and recommended unsuitable investments between 2006 and 2008. The complaint reached a settlement of $7,500. In a statement included with the complaint’s disclosure, he wrote that he had “not managed the client’s account in over eight years.”

A fourth investor complaint, filed in 2014, alleged that he breached contract, made unsuitable investment recommendations, misrepresented material facts, committed fraud, and engaged in negligence between January 2011 and April 2013. In 2016 the complaint reached a settlement of $21,000.

According to the Financial Industry Regulatory Authority, Shaun Grimaldi holds 21 years of securities industry experience. Based in Jersey City, New Jersey, he has been a broker with E1 Asset Management since 2003. He was previously registered with PHD Capital in New York, New York from 2002 until 2003. His credentials include the passage of four securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in California, Connecticut, Florida, Illinois, Maryland, Massachusetts, New Jersey, New York, Ohio, Pennsylvania, Texas, and Virginia. (Information current as of July 9, 2023.)

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