Greg Andrews Suspended by FINRA for Alleged Failure to Disclose Outside Business Activities
Greg Andrews (CRD #: 5858207), a broker formerly registered with Tellson Securities, has been suspended by FINRA, according to his BrokerCheck record, accessed on July 22, 2022. If you want to learn more about Greg Andrews’s conduct as a broker, keep reading.
Suspension by FINRA
A Letter of Acceptance, Waiver and Consent (AWC) filed on June 28, 2022, alleges that Greg Andrews failed to disclose his outside business activities to his firm, Tellson Securities.
According to the AWC, when Greg Andrews joined Tellson Securities in April 2020, he allegedly verbally disclosed that he was the owner and principal of a company developing a solar energy project. The AWC does not name the company.
In June 2020, Greg Andrews allegedly submitted a written outside business activity disclosure form to Tellson specifying that he would “provide CFO duties, management consulting and project development for renewable energy, transportation, and pipeline projects.” This business activity was allegedly approved by Tellson in July 2020.
During his time at Tellson, Greg Andrews allegedly provided consulting services to one technology start-up company and solicited work from another technology start-up in connection with his own company. The AWC also alleges the following:
- Neither of these start-ups was related to renewable energy, transportation, or pipeline projects.
- Greg Andrews expected compensation for this work, though he did not receive any.
- Greg Andrews failed to fully disclose his business activities to his firm or to amend his outside business activity disclosure form.
The AWC concludes that these allegations violate FINRA Rules 3270 and 2010.
FINRA Rules 3270 and 2010
FINRA Rule 3270 requires brokers to disclose any business activities they participate in outside of their firm. Brokers must explain what role they will play in the business activity, including what compensation they expect to receive.
FINRA Rule 2010 requires brokers to uphold high standards of commercial honor. Violations of many FINRA regulations qualify as violations of FINRA Rule 2010.
Sanctions
Greg Andrews consented to the following sanctions:
- $5,000 fine
- Two-month
His suspension began on July 5, 2022, and will end on September 4, 2022.
You can read a copy of the AWC here.
Other Outside Business Activities
Greg Andrews’ detailed BrokerCheck report lists one outside business activity. He is CEO of Solar Electric Management Company, which provides solar project development services. He also provides interim CFO duties, as well as “management, consulting, and project development for renewable energy, transportation, and pipeline projects.”
Background Information
Greg Andrews has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 79 – Investment Banking Registered Representative Examination
He has also worked for the following firms:
- Tellson Securities (CRD#:286665)
- U.S. Bancorp Investments (CRD#:17868)
- Boustead Securities (CRD#:141391)
- Innovation Capital (CRD#:133551)
Kurta Law Can Help
If you worked with Greg Andrews and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.
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