Jonathan Jay Greenfield, Arete Wealth Management, Woodland Hills, CA
According to the Financial Industry Regulatory Authority (FINRA) Jonathan Jay Greenfield (CRD #2591266, West Hills, California) recently submitted an Offer of Settlement in which he was barred from association with any FINRA member in any capacity.
Without admitting or denying the allegations, Greenfield consented to the sanction and to the entry of findings that he recklessly, and at times intentionally, made material misrepresentations and omissions in emails to customers regarding the features of a company’s renewable secured debentures in connection with their purchases of the debentures.
The findings stated that those material misstatements and omissions concerned material facts for investors, including the actual financial condition of the issuer, the safety of the debentures, and the profitability of the issuer’s business. As a result of his 20 Disciplinary and Other FINRA Actions January 2016 conduct, Greenfield willfully violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, and FINRA Rules 2010 and 2020.
The findings also stated that Greenfield made additional material misrepresentations and omissions to more than 50 customers through email who did not purchase the debentures. By recklessly or intentionally making material misrepresentations and omissions regarding the debentures to customers who did not purchase the debentures, Greenfield violated FINRA Rule 2010, both independently and by virtue of violating Section 17(a)(1) of the Securities Act of 1933.
Greenfield negligently made material misrepresentations and omissions to his customers through email regarding the debentures, both to those customers who purchased and to those who did not, in violation of FINRA Rule 2010, both independently and by virtue of violating Section 17(a)(2) and/or 17(a)(3) of the Securities Act of 1933.
The findings also included that Greenfield distributed a sales brochure related to the debentures to customers that contained false and misleading statements related to the issuer’s assets and the collateral used to secure repayment of the debentures. Greenfield provided the customers with sales literature that falsely stated the debentures were secured by life insurance policies owned by the issuer. Greenfield also failed to disclose the material differences between the debentures and bank certificates of deposit in emails to customers.
For the full FINRA findings, see FINRA Case #2012034936501.
According to Greenfield’s FINRA Broker Check report, he was registered with Arete Wealth Management from 03/2010 – 12/2013 and Financial West Group from 10/2008 – 03/2010. He reportedly has had 16 customer complaints filed against him. Allegations include “UNSUITABLE INVESTMENT RECOMMENDATIONS, MISREPRESENTATIONS & OMISSIONS, BREACH OF FIDUCIARY DUTY, AND NEGLIGENCE,” among others.
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