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Worden Capital’s Broker Gregory Dean Charged With Churning

Stockbroker-Misconduct-1-300x150-300x150Gregory Dean (CRD #4922996), currently employed with Worden Capital Management of Rockville, NY (CRD #148366) is the subject of multiple disclosures, mostly customer complaints. He is also the subject of a civil SEC complaint and one regulatory complaint, going back to 2013.

 

Dean’s previous employers include:

  • D. Nicholas & Associates, Inc. (CRD #44791) of Syosett, NY, from 01/16/2007 through 11/24/2014
  • American Capital Partners, LLC (CRD #119249) of Wantagh, NY, from 05/24/2005 through 02/02/2007
  • Metlife Securities Inc. (CRD #14251) of Springfield, MA, from 03/10/2005 through 04/15/2005
  • Metropolitan Life Insurance Company (CRD #4095) of New York, NY, from 03/10/2005 through 04/15/2005

The SEC issued a press release on 01/09/2017 regarding Dean’s employment at J.D. Nicholas alleging “churning,” or excessive trading to generate additional commissions, fees and revenues without regard to the client’s account. Both Dean and another individual at the firm are alleged to engage in churning with 27 of the firm’s accounts, generating high numbers of income for himself and the firm, but losing money for the clients. They continued this activity while the client’s accounts diminished in value.

Several customers have also filed disputes with Dean and his employer, Worden Capital. Two recent cases were settled for $60,000 and $55,000 respectively. These claims included allegations of unsuitability, over-concentration, churning, excessive trading, margin abuse and breach of fiduciary duty, among others. Two cases from 2016 are currently “pending.”

In 2013, Dean was fined $10,000 for calling an individual who was on the US Federal Trade Commission’s Do Not Call List. His firm, J. D. Nicholas was also fined $17,500 for failure to enforce and for repeatedly making calls to numbers on the Do Not Call list. Dean stated that the call was made in error.

Did You Invest Money With Gregory Dean?

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