FINRA recently announced that Gary Robert Stremel, formerly of Citigroup Global Markets, Inc. in Houston, Texas, has been barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Stremel consented to the entry of findings that he exercised discretion in a customer’s account without the customer’s written authorization or his firm’s (Citigroup) acceptance of the account as discretionary.
According to Gary Stremel’s FINRA Broker Report (CRD), FINRA’s investigation is not the first time that Stremel has been named in a claim related to securities fraud violations. His CRD indicates that he was also named in a customer complaint wherein the customer alleged that Stremel had recommended unsuitable investments.
Suitability is a common securities fraud claim. Financial advisors are required to follow the “Know Your Customer” Rule, and must recommend investments that are suitable in light of the customer’s age, investment experience, net worth, and investment goals.
Prior to working as a financial advisor with Citigroup Global Markets (n/k/a Morgan Stanley Smith Barney, Gary Stremel was a stockbroker for Dean Witter Reynolds, Inc.
If you have questions about investments you made with Gary Stremel or Citigroup Global Markets, or if you believe that you have been the victim of a securities fraud, The White Law Group may be able to help. To speak to a securities attorney, please call our Chicago office ate 312-238-9650.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.