The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Gregory Anastos. According to his publicly available FINRA BrokerCheck report, Gregory Anastos has been the subject of a customer dispute and a FINRA sanction.

Gregory Anastos is a New York based securities broker. He has worked in the securities industry for six years. During his career, he has been registered with four different securities firms.

His Registrations

  • John Thomas Financial (2010)
  • Obsidian Financial Group (2011-2013)
  • Windsor Street Capital (2013-2018)
  • Craft Capital Management (2019-Present)

The Allegations

  • In April 2017, a customer alleged that Gregory Anastos excessively traded their account in unsuitable securities. This case was settled for $40,000 in damages.
  • Gregory Anastos was officially sanctioned by FINRA in August 2017. The findings in this matter state that he made unsuitable recommendations to elderly customers of his firm. He allegedly repeatedly recommended to the couple that they engage in short-term trading of a single security that the couple held for over thirty-six years. This resulted in substantial losses and capital gains tax liability for the customers. These alleged actions enriched Anastos by generating almost $100,000 in commissions. This process is also known as ‘Churning.’ Due to these alleged actions, he was suspended by FINRA from acting as a securities broker in any fashion for a period of four months.

What is Churning?

There are two main methods that securities brokers receive compensation for their services. One is by charging the investor a flat fee that is determined by the value of the account they are managing. The second is by receiving a percentage of the investor’s principal investment whenever executing a transaction on their behalf. This type of compensation is what leads to the above mentioned trading practice known as churning. Essentially, churning takes place when a less than scrupulous securities broker trades a customer’s account excessively, not to the investor’s benefit, but rather to increase their own commissions. This is a fraudulent and deceptive trading practice that is unfortunately relatively common.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Gregory Anastos, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.

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