Gregory Sain Allegedly Recommended Unsuitable Investment Positions

Gregory Sain (CRD #: 1629842), a broker registered with Morgan Stanley, allegedly made unsuitable recommendations to a client, according to his BrokerCheck record, accessed on May 25, 2023. If you want to know more about his alleged conduct as a broker, keep reading.

Investor Dispute

On March 24, 2023, an investor alleged that Gregory Sain recommended positions that were unsuitable given the client’s risk profile and did not align with the client’s instructions between February 2021 and April 2022. This dispute was denied by the firm.

Another denied dispute, filed on April 13, 2016, alleged that Gregory Sain recommended a preferred security on April 10, 2014, when the client had allegedly instructed him to buy municipal bonds.

Investors should be aware, however, that firms can deny disputes without allowing an outside review. Investors may be able to recover their funds by seeking out FINRA arbitration after a denial.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must examine the information contained in an investor’s profile, such as their risk tolerance, age, and overall financial situation.

Investors who rely on brokers for recommendations may be able to recover their losses through FINRA arbitration.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Background Information

Gregory Sain has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

Gregory Sain is a registered broker in 24 states and a registered investment adviser in California and Texas.

He has also worked for the following firms:

• Stifel, Nicolaus & Company (CRD#:793)
• Stone & Youngberg (CRD#:795)
• Prudential-Bache Securities (CRD#:7471)
• Municicorp of California (CRD#:7184)

Kurta Law Can Help

If you worked with Gregory Sain 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.