Terry Griffith Subject of Massachusetts Regulatory Action

Terry Griffith (CRD #: 4937497), a broker registered with Independent Financial Group, has had conditions placed on his registration in Massachusetts, according to his BrokerCheck record, accessed on February 7, 2025. Read on to learn more about his alleged conduct as a broker.

Massachusetts Regulatory Action

On January 27, 2025, the Massachusetts Securities Division placed conditions on Terry Griffith’s registration as a broker-dealer agent and as an investment advisor representative in the state.

The Securities Division allegedly received disclosure of incidents concerning the unauthorized exercise of discretion in client accounts.

Independent Financial Group consented to undertake the following for a period of three years:

• Review the greater of ten or 10% of Terry Griffith’s Massachusetts client accounts
• Review 25% of his emails, all documents requiring a client signature, and all trade corrections
• Contact five of Terry Griffith’s clients to confirm their approval of transactions and awareness of commissions and fees
• Obtain and review an attestation by Terry Griffith indicating that he obtain client approval before these transactions
• Obtain and review an attestation indicating that he has not contacted clients through unapproved communication channels

Further, the firm agreed to conduct an annual audit involving a review of all of Terry Griffith’s Massachusetts client accounts, an in-person interview with him, and a review of his supervisory file by the Chief Compliance Officer and/or the head of supervision.

FINRA Rule 2010

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

FINRA Rule 3260

FINRA Rule 3260 limits brokers trading discretion to pre-approved discretionary accounts. These accounts must be approved for discretionary trading by both the client and the firm.

Investor Dispute

On December 29, 2023, an investor alleged that Terry Griffith misrepresented an option overlay strategy as having moderate risk. The client further alleged excessive fees and commissions. This dispute was settled for $374,774.27.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulation, deception, and other fraudulent methods to influence investors’ decisions. Misrepresenting an investment’s risks, fees, terms, or other features violates this rule.

Background Information

Terry Griffith has passed the following exams:

• Securities Industry Essentials Examination – SIE
• National Commodity Futures Examination – Series 3
• General Securities Representative Examination – Series 7
• Uniform Investment Adviser Law Examination – Series 65
• Uniform Combined State Law Examination – Series 66

Terry Griffith is a registered broker in seven states and a registered investment adviser in Massachusetts.

He has also worked for the following firms:

• UBS Financial Services (CRD#:8174)
• Morgan Stanley (CRD#:149777)
• Citigroup Global Markets (CRD#:7059)

Kurta Law Can Help

If you worked with Terry Griffith 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 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.