Anthony Grey of Winter Park, Florida submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly charging excessive mark-ups to his clients and engaging in other fraudulent activity. Mr. Grey entered the securities industry in the early 1980s and later became associated with Gardnyr Michael Capital, Inc. (GMCI) in 1994.
During a routine FINRA member conduct examination in 2009, a FINRA examiner discovered a pattern of trades that revealed Mr. Grey artificially inflated prices of bonds for his retail customers. FINRA found that on ten occasions, Mr. Grey charged his customers unfair mark-ups ranging from 5.36% to 19.12%. In seven of the occasions FINRA further alleged that Mr. Grey charged fraudulently excessive mark-ups that he failed to disclose.