Gregory Thomas Dean of Seaford, New York submitted a Letter of Acceptance, Waiver, and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for allegedly violating Section 10(b) of the Exchange Act and Rule 10b-5 and FINRA Rules 2020, 2111, and 2010 by churning and engaging in unsuitable trading.
In November 2014, Gregory Thomas Dean joined Worden Capital as a General Securities Representative, General Securities Principal and an Operations Professional. According to FINRA, Dean churned and excessively traded seven customers’ accounts resulting in more than $1,834,832 in losses while he received more than $715,930 in commissions. The FINRA findings stated that Dean exercised de facto control over these customers’ accounts. The findings also stated that Dean’s trading in the customers’ accounts was conducted with reckless disregard for the customers’ interests resulting in high turnover rates and cost-to-equity ratios. According to FINRA, due to the level of trading in these accounts, it was impossible for customers to generate trading profits. Continue Reading