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Guy Clemente Involved in a Six-Figure Dispute

Guy Clemente (CRD #: 1222597)  was permitted to resign from Andrew Garrett, Inc. This termination disclosure appears on his BrokerCheck record, accessed on February 9, 2024. He is currently registered with Aegis Capital Corp.  

Investor Allegations

On June 11, 2024, an investor alleged that Guy Clemente breached his fiduciary duty and engaged in excessive trading. The investor is seeking $750,000. 

What is Excessive Trading? 

FINRA Rule 2111, a.k.a. The Suitability Rule, requires brokers to tailor their investment recommendations to suit investors’ needs. Each trade comes with a transaction fee, so too many transactions will result in excessive fees for the investor. Excessive trading is also known as “churning.” 

Rule 2111 also requires brokers to consider 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

Investments that do not fit the criteria established by the investor profile may be unsuitable. Investors who rely on brokers for recommendations may recover their losses by pursuing FINRA arbitration.

Allegations of Firm Policy Violations

On December 21, 2023, Guy Clemente was permitted to resign from Andrew Garrett, Inc. following allegations that he was the subject of a customer-initiated complaint. The complaint allegedly prompted an internal review. The review was allegedly ongoing when Guy Clemente submitted his resignation. The internal review allegedly concluded that he had violated firm policies. 

Previous Investor Disputes

Investors should know that there are six other investor disputes on his record.

Background Information 

Guy Clemente has passed the following exams: 

  • Series 66 Uniform Combined State Law Examination 
  • Series 65 Uniform Investment Adviser Law Examination 
  • Series 63 Uniform Securities Agent State Law Examination 
  • Series 79TO Investment Banking Registered Representative Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 3 National Commodity Futures Examination 
  • Series 7 General Securities Representative Examination
  • Series 24 General Securities Principal Examination 

He is a registered broker in 19 states and is a registered investment adviser in Texas. 

Guy Clemente has registered with 11 firms in his 39 years of experience. 

The following are the five most recent: 

  • Aegis Capital Corp (CRD #: 15007) 
  • Andrew Garrett, Inc. (CRD #: 29931) 
  • S.W. Bach & Company (CRD #: 43522) 
  • The Thornwater Company (CRD #: 36195) 
  • M.S. Farrell & Company (CRD #: 24232) 

Kurta Law Can Help 

If you have worked with Guy Clemente and you have concerns about your investments, do not hesitate to contact us at 877-600-0098 or 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.