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FINRA Reports Brokers Nas Adel Allan and Gregory Anastos Made Unsuitable Recommendations

FINRA Reports Brokers Nas Adel Allan and Gregory Anastos Made Unsuitable Recommendations on elderfinancialfraudattorneys.com

The two brokers are reported to have engaged in short-term trading that resulted in significant losses for their clients

Two brokers who worked for Windsor Street Capital, LP (also doing business as Meyers Associates, L.P.) are facing serious allegations. According to the Financial Industry Regulatory Authority (FINRA), Nas Adel Allan and Gregory Anastos are alleged to have made unsuitable investment recommendations to an elderly husband and wife, which resulted in the loss of substantial funds.

The complaint alleges that Allan and Anastos repeatedly recommended that their clients engage in short-term trading of a single security that their clients held for more than 35 years. Not only did this reportedly lead to a loss of money, but it generated almost $100,000 in commissions for the two brokers. FINRA states that “Allan’s recommendations were unsuitable in light of customers’ investment profile, lacked an economic rationale, and resulted in unwarranted losses and tax liabilities for them.”

In November of 2014, Allan left Windsor Street Capital, at which point Anastos became their sole broker. He is reported to have continued recommending short-term, in-and-out trading. In all, Anastos is reported to have recommended 26 transactions, resulting in almost $70,000 in client losses and over $76,000 in broker commissions. The complaint also says Anastos exercised discretionary power, though he did not have the authority to do so.

Aside from Windsor Street Capital in NYC, Allan has worked for these firms:

  •  Delta Asset Management Company, LLC – Mineola, NY*
  • Joseph Stevens & Company, Inc – Brooklyn, NY
  • Continental Broker-Dealer Corp. – Carle Place, NY*
  • National Securities Corporation – Seattle, WA
  • J.P. Turner & Company, L.L.C – Atlanta, GA
  • J.P. Turner & Company, L.L.C – NYC
  • Great Eastern Securities, Inc. – NYC
  • Joseph Stevens & Company, Inc. – NYC
  • JHS Capital Advisors, Inc. – Staten Island, NY
  • Obsidian Financial Group, LLC – NYC*
  • Liberty Partners Financial Services, LLC – Mt. Pleasant, SC
  • Merrill Lynch, Pierce, Fenner & Smith Incorporated – NYC

Anastos is still employed by Windsor Street Capital. He has also worked for these two firms:

  • John Thomas Financial – NYC*
  • Obsidian Financial Group, LLC – NYC*

* All of these firms have been expelled from the securities industry by FINRA.

The BrokerCheck reports on Allan and Anastos provide additional information on the complaints against them.

When dubious action by a broker or financial advisor results in losses, in many cases the best way to reclaim money is through arbitration. If you believe you are the victim of elder financial fraud or an unethical broker who violated securities industry rules, contact the Silver Law Group. You will receive a free consultation from an experienced arbitration attorney. Scott Silver is currently the chairman of the American Trial Lawyers Association, Securities, and Financial Fraud Group and our attorneys routinely represent investors in securities arbitration claims and other legal actions.

Get in touch by calling 800-975-4345. You can also send us a message through our online form. Because we work on contingency, you won’t owe us a fee unless we successfully help you recover money.

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