Vincent Grucci Investigated by FINRA
Vincent Grucci (CRD #: 1602600), a broker registered with Fortune Financial Services, allegedly violated multiple FINRA rules, according to his BrokerCheck record, accessed on November 21, 2022. If you have questions about his conduct as a broker, keep reading.
On September 22, 2022, FINRA made a preliminary recommendation that disciplinary action be brought against Vincent Grucci, alleging that he violated the following rules and regulations:
- Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder
- FINRA Rules 2020 by making material misrepresentations and omissions
- FINRA Rules 2111 and 2330 by making unsuitable recommendations to purchase and exchange variable annuities
- FINRA Rule 2010 by the above misconduct and failure to comply with Fortune Financial Services’ written policies and procedures.
Securities Exchange Act of 1934
Section 10(b) of the Securities Exchange Act of 1934 prohibits the use of manipulative, deceptive, and otherwise fraudulent practices in relation to the securities business. Within this section, Rule 10b-5 prohibits fraudulent schemes, as well as untrue statements and misleading omissions of fact.
FINRA Rule 2020
FINRA Rule 2020 prohibits the use of deception, manipulation, and other unethical means of influencing investors’ decisions.
FINRA Rule 2111
FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must take into account the information described in an investor’s profile, such as their age, risk tolerance, and tax status.
Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration.
FINRA Rule 2330
FINRA Rule 2330 defines the requirements brokers must meet when recommending the purchase or exchange of deferred variable annuities. Brokers must have a reasonable basis to believe their client would benefit from the transaction, and investors must be sufficiently informed about the features of the annuities.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
On December 12, 2018, Vincent Grucci’s outstanding tax liens were rolled up into one, totaling $78,015.42. There is another roll up from 2018 for $845,102.03.
Vincent Grucci has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 22 – Direct Participation Programs Representative Examination
- Series 6 – Investment Company Products/Variable Contracts Representative Examination
Vincent Grucci is a registered broker in 11 states and the District of Columbia.
He has also worked for the following firms:
- Keystone Capital (CRD#:10722)
- National Planning Corporation (CRD#:29604)
- North Ridge Securities Corporation (CRD#:27098)
- Northeast Securities (CRD#:25996)
- Jaron Equities Corporation (CRD#:5764)
- First Montauk Securities Corporation (CRD#:13755)
- Educators Financial Management (CRD#:17448)
Kurta Law Can Help
If you worked with Vincent Grucci and you have concerns about your investments, please contact us today at 877-600-0098 or firstname.lastname@example.org 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.