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Gregory Dean: Ex-Worden Advisor Receives Complaints, SEC Sanctions
Investor complaints against the former Rockville Center, Maryland advisor Gregory Dean (CRD# 4922996) allege conduct including suitability violations, supervisory failures, excessive trading, and other activity undertaken at his former member firm, Worden Capital Management. He was also recently barred by the Securities and Exchange Commission from associating with any any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO, according to information drawn from Financial Industry Regulatory Authority records.
Gregory Dean allegedly recommended unsuitable listed and over-the-counter equity investments, was negligent in carrying out his duties, breached his fiduciary duty to act in his clients’ best interests, committed breach of contract, and made false representations and omissions regarding the investments he recommended to his customers, according to a pending 2019 complaint regarding his conduct at Worden Capital Management. The complaint alleges damages of $25,919.
Gregory Dean allegedly violated suitability rules and excessive traded securities in the customer’s account, according to a 2019 complaint regarding his employment at Worden Capital Management. The complaint alleges damages of $70,766.80.
Mr. Dean was the subject of a disciplinary action rendered by the Securities and Exchange Commission on June 26, 2019, enjoining him from future violations of certain provisions of the Securities Act of 1933 and of the Exchange Act. The action indefinitely barred him from acting as a broker, dealer, or investment adviser, or from participating in any offering of a penny stock. This action followed a 2017 SEC sanction over allegations that Mr. Dean, with another individual, “fraudulently” participated in an “in-and-out trading strategy” that was both unsuitable for his customers and created “hefty commissions” for himself and his partner. He allegedly recommended that his customers utilize “a high-cost trading strategy” in which they excessively bought and sold stocks, generating “substantial commissions and other fees” for the representatives but resulting in “enormous losses” for the customers. The alleged activity took place in “27 customer accounts at JD Nicholas & Associates,” his former firm in Syosset, New York, which is now defunct. As part of this sanction, he was ordered to pay disgorgement of $253,881.98.
A 2017 complaint alleged Mr. Dean violated suitability rules, engaged in fraud, committed breach of contract, and excessively traded investments as part of his conduct at Worden Capital Management. The complaint reached a settlement of $60,000.
Gregory Dean is not currently registered as a broker or investment adviser. His employment history includes Worden Capital Management in Rockville Center, Maryland, JD Nicholas & Associates, American Capital Partners, MetLife Securities, and Metropolitan Life Insurance Company. He has passed five securities industry qualification examinations. (Information current as of August 8, 2019.)