Greg Melendez: Did Laidlaw Advisor Sell Unsuitable Investments?

Recent investor complaints against Melville, New York financial advisor Greg Melendez (CRD# 4920698) allege that he engaged in excessive trading in customer accounts. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Laidlaw & Company and Laidlaw Wealth Management.

Mr. Melendez’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in June 2022, alleged that as a representative of Laidlaw & Company, he recommended unsuitable investments of stock and options products. The pending complaint alleges damages of $50,000. In a statement on the disclosure, Mr. Melendez wrote, “The matter will be defended vigorously.”

A second investor complaint, filed in 2020, alleged that he recommended unsuitable investments and engaged in excessive trading while at Laidlaw & Company. The pending complaint alleges damages of $12,721. Mr. Melendez denied the allegations in a statement on the disclosure, writing that the complaint “has no basis and the matter will be defended vigorously.”

A third investor complaint, also filed in 2020, similarly alleged that he made excessive trades and recommended unsuitable investments. The pending complaint alleges damages of $72,253. Mr. Melendez wrote again in a statement on the disclosure that the complaint “has no basis and the matter will be defended vigorously.”

A fourth investor complaint, filed in 2009, alleged that as a representative of Gunnallen Financial, Mr. Melendez made unauthorized trades, churned investments, and recommended unsuitable products. In 2011 the complaint reached a settlement of $27,611.

According to the Financial Industry Regulatory Authority, Greg Melendez holds 16 years of securities industry experience. Based in Melville, New York, he has been a broker with Laidlaw & Company since 2014 and an investment advisor with Laidlaw Wealth Management since 2020. His past registrations include IAA Financial (Melville, New York; 2009-2014), Gunnallen Financial (Boca Raton, Florida; 2005-2009), and the GMS Group (East Hanover, New Jersey; 2005-2006). His credentials include the passage of five securities industry examinations: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He holds 36 state licenses. (Information current as of August 3, 2022.)

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