Gregory Whelan Allegedly Recommended Unsuitable Investments

Gregory Whelan (CRD #: 5247677), a broker registered with Merrill Lynch, Pierce, Fenner & Smith, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on July 26, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Allegations

On May 14, 2024, an investor alleged Gregory Whelan recommended unsuitable investments and made misrepresentations. He also allegedly used his personal email to engage in selling away. 

The investor is seeking $2,000,000. 

On February 24, 2021, an investor alleged that Gregory Whelan recommended unsuitable investments and delayed following instructions. 

FINRA Rule 3270 – Outside Business and Selling Away

FINRA Rule 3270 requires brokers to inform their firm of any outside business activities or any investments sold away from the firm. The brokerage firm may prohibit the activity if the firm believes the proposed activity may compromise the broker’s duties. Firms may also require brokers to seek approval of any outside business.

What is an Unsuitable Investment?

FINRA Rule 2111 requires brokers to evaluate whether an investment strategy fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:

• Age
• Risk tolerance
• Time horizon (i.e., how long the investor plans to hold the investment)
• Investing experience
• Tax status
• Financial goals

Investors who rely on brokers for recommendations may be able to recover losses from unsuitable investment recommendations by pursuing FINRA arbitration.

Background Information 

Gregory Whelan 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 

He is a registered broker in 21 states and is a registered investment adviser in Florida and Texas. 

During his 15 years of experience, Gregory Whelan has registered with five firms: 

• Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691) 
• Morgan Stanley (CRD #: 149777) 
• UBS Financial Services (CRD #: 8174) 
• Tullettt Prebon Financial Services (CRD #: 28196) 
• ICAP Securities USA (CRD #: 19739) 

Kurta Law Can Help 

If you have worked with Gregory Whelan and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that 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. Do not let securities fraud go unchecked. Start your recovery process today.