The US Securities and Exchange Commission is investigating Westlake Village, California stockbroker Thomas Swan (CRD# 1698430) over alleged violations of...Read More
Newport Beach Rep Greg Pellizzon Sanctioned by FINRA
Greg Pellizzon (CRD# 712667), an investment adviser formerly registered as a broker with Hollencrest Capital Management, was recently suspended by the Financial Industry Regulatory Authority in connection to allegations he improperly failed to disclose a customer complaint. Currently registered as an investment adviser with Hollencrest Capital Management’s Newport Beach Office, Pellizzon was issued a 20-day suspension and a fine of $5,000.
According to a Letter of Acceptance, Waiver, and Consent (No. 2014041107201) dated November 2019, Greg Pellizzon was associated with Hollencrest Capital Management as a General Securities Representative, a General Securities Representative, an Investment Banking Representative, and an Operations Principal when, on September 26, 2014, counsel for one of his firm’s customers sent the firm’s and his counsel an email “that included a complaint about Pellizzon’s management” of the company’s assets and her account at the firm. FINRA states that the firm reported the company’s complaint to FINRA on October 17, 2014, and that in this report, it “identified Pellizzon as the registered representative involved” in the complaint and valued it as greater than the reporting threshold of $5,000. FINRA goes on to state that Pellizzon, relying on his own legal counsel, “erroneously determined that the complaint was not required to be reported,” and as such non-willfully failed to disclose the complaint as required by FINRA rules. According to the AWC Letter, Hollencrest Capital Management and Pellizzon settled with the complainant in November 2014. Still, FINRA found that his failure to disclose the complaint on his Form U4 constituted violations of FINRA’s rules and by-laws. As a result of the foregoing alleged conduct, Gregory Pellizzon was issued a 20-day suspension from association with FINRA member firms. He was also ordered to pay a fine of $5,000.
Greg Pellizzon is currently not registered with any FINRA member firm; he is registered as an investment adviser with Hollencrest Capital Management in Newport Beach, California. His previous registrations include Prudential Securities and Painewebber. He has passed eight securities industry qualifying examinations and his BrokerCheck report currently lists no state securities licenses. (Information current as of May 6, 2020.)