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Gary Gray Has Received a FINRA Sanction

Gary Gray

Public records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on March 1, 2018 indicate that former Nevada-based Wells Fargo Clearing Services broker/adviser Gary Gray has been sanctioned by FINRA in connection to alleged rule violations and suspended from acting as a broker. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Gray (CRD# 1641113).

Gary Gray has spent 30 years in the securities industry and was most recently registered with Wells Fargo Clearing Services in Las Vegas, Nevada (2003-2017). Previous registrations include Prudential Securities in New York, New York (2000-2003); Painewebber in Weehawken, New Jersey (1988-2000); and Bateman Eichler Hill Richards (1987-1988). He has passed two securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on June 9, 1987, and Series 7 (General Securities Representative Examination), which he obtained on May 16, 1987. He is currently not registered with any state or firm.

According to his BrokerCheck report, he has received one FINRA sanction and one customer complaint.

In December 2017 FINRA sanctioned him in connection to allegations he improperly exercised discretion in accounts maintained by eight customers and executed approximately 236 discretionary trades without obtaining prior written authorization from the customers or acceptance from the firm of the accounts as discretionary. FINRA also found that he improperly marked a dozen order tickets as unsolicited transactions when in fact they were solicited transactions, resulting in his firm creating and maintaining inaccurate books and records. He was issued a 3-month suspension and a fine of $10,000.

In 2000 a customer alleged Gary Gray, while employed at Painewebber, did not inform them that the step-down CDs they purchased would not reach maturity for two decades. The complaint settled for more than $20,500.

If you or someone you know has complaints regarding Gary Gray, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on a contingency basis: we only receive payment if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.