FINRA Permanently Bars Jay Jules Gruenebaum
The Zanesville, Ohio-based broker is accused of making unauthorized payments to clients and has been discharged from his member firm
In May 2016, Stifel, Nicolaus & Company, Inc. discharged broker Jay Gruenebaum from its employ alleging that he made unauthorized payments to customers. As a result of his termination, the Financial Regulatory Authority (FINRA) launched an investigation into the circumstances that caused the member firm to take such action.
During its investigation, FINRA requested that Gruenebaum appear for on-the-record testimony, a request which Gruenebuam refused. In October 2016, due to his failure to appear, Gruenebaum was permanently barred by FINRA from acting as a broker or having any association with firms that sell securities.
The discharge from employment from Stifel, Nicolaus & Company was not the first one for Gruenebaum, however. In March 2013, Merrill Lynch Pierce, Fenner & Smith, Inc. also discharged the broker, alleging conduct including altering client documents on multiple occasions and procuring a pre-signed client document, resulting in management’s loss of confidence.
In the most recent years of his career, customer disputes filed against Gruenebaum include complaints of unsuitable investment recommendations and misrepresentation, in addition to making unauthorized payments to clients.
Prior to his employment with Stifel, Nicolaus & Company, Incorporated in Zanesville, OH from March 2013 to June 2016, Gruenebaum was employed by:
• Merrill Lynch, Pierce, Fenner & Smith Incorporated in Zanesville, OH from August 2007 to April 2013
• A.G. Edwards & Sons, Inc. in Zanesville, OH from November 2001 to August 2007
• J.J.B. Hilliard, W.L. Lyons, Inc. in Louisville, KY from July 1993 to November 2001
To learn more about Jay Gruenebaum and his broker history, you can read this FINRA report.
Brokers are obligated to follow many rules and regulations. When they don’t, it is often their clients that suffer to the most. If you or someone you know has lost money due to the practices of a broker or financial advisor, get in touch with the Silver Law Group. Scott Silver is the current chair of the American Trial Lawyers Association Securities and Financial Fraud Group and our attorneys represent individual and institutional investors across the United States who have lost money at the hands of a trusted financial advisor.
And because we are a contingency-based law firm, we don’t get paid unless you recover money. Contact us now by filling out our online form. We will assess your situation and determine if you may be able to recover funds.
OUR FREE PROMISE
NO RECOVERY, YOU OWE US NOTHING
To contact our attorneys please fill out the form below.