According to FINRA, on September 12, 2016 Jay J. Gruenebaum (CRD# 2351888 Zainesville, OH) was permanently barred from the securities industry.
Jay Jules Gruenebaum was investigated by the Financial Industry Regulatory Authority Inc. over two customer complaints on mishandling accounts and certain representations he made to them, as well as unauthorized payments, while registered with Stifel, Nicholaus and Company according to the AWC accepted by Finra’s department of enforcement yesterday.
FINRA began investigating the former broker after Stifel reported his termination on June 16 this year. On Sept. 12, Gruenebaum was requested for an on-the-record testimony but he allegedly refused to appear. In settling the matter, Gruenebaum agreed to be barred without admitting or denying the findings.
For FINRA’s full findings see FINRA Case # 2016049236901.
According to FINRA BrokerCheck, Gruenebaum was registered with Stifel, Nicolaus & Company In Zainesville OH from 03/2013 – 06/2016.
This was not his first time he has been fired. Mr. Gruenebaum was terminated by Merrill Lynch after 12 years of employment for allegedly altering client documents on multiple occasions, according to his BrokerCheck profile .
There were also three customer disputes for unsuitable recommendations listed on the former broker’s BrokerCheck profile that have been denied or closed without action.
The White Law Group is investigating the liability that Gruenebaum’s employers may have for losses sustained by his clients. 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 Jay Gruenebaum and Stifel, Nicholaus & Co., 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 on FINRA’s website, 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.
For more information on The White Law Group and it’s representation of investors, visit www.whitesecuritieslaw.com.