According to a report release by the CFP Board, in September 2016, CFP Board’s Disciplinary and Ethics Commission reportedly accepted an offer of settlement pursuant to which it issued a one-year and one-day suspension to Gregory H. Bray.
In the offer of settlement, Mr. Bray allegedly consented to CFP Board’s findings that he entered into a letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority, Inc. (FINRA), in which FINRA determined that he allegedly failed to adequately supervise the sales of complex products and Class A shares of leveraged/inverse mutual funds.
FINRA also reportedly suspended Mr. Bray from associating with any FINRA member in a principal capacity for six weeks and fined him $7,500. CFP Board also found that Mr. Bray allegedly executed 11 transactions on behalf of a New Hampshire client without being licensed in New Hampshire to do so.
The State of New Hampshire also purportedly ordered Mr. Bray and two entities to cease and desist from any future violations and ordered them to pay fines and costs totaling $12,000. According to the report, CFP Board further determined that Mr. Bray allegedly failed to properly disclose the FINRA suspension and the New Hampshire action to the CFP Board.
Mr. Bray’s suspension is effective from September 21, 2016 until September 22, 2017.
According to FINRA, Bray was registered with Alton Securities Group in Alton, IL from 08/1997 – 11/2015.
Brokerage firms are required to adequately supervise their agents to ensure they are complying with FINRA rules and they can held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.
If you suffered losses investing with Gregory Bray and Alton Securities Group, the attorneys at The White Law Group may be able to help. For a free consultation, please call (888) 637-5510.
The foregoing information, which is all publicly available, is being provided by The White Law Group.
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 Franklin, Tennessee.