FINRA fined and suspended former Tellson Securities and US Bancorp Investments (both Newport Beach, CA) broker Gregory Jon Andrews for failing to disclose involvement with tech startup companies and services provided away from Tellson.
In its AWC #2020067052701, FINRA found that Greg Jon Andrews (CRD #5858207) disclosed his ownership and involvement in Solar Electric Management Co., an Irvine-based solar energy development company.
However, the report found that while Andrews did disclose his involvement at Solar Electric, he failed to disclose his relationship with multiple technology start-up companies that were not involved with renewable energy, transportation, and pipeline projects.
When a broker or investment adviser fails to disclose an outside business activity to their firm or to industry regulators, it creates a potential conflict of interest situation wherein the representative may directly or indirectly hold a personal financial interest in recommending an investor put money into a certain company or industry.
Without disclosing their outside business activities, such brokers may in turn fall prey to the conflict of interest trap of unsuitable recommendations based on their interests at the expense of their customers', resulting in financial damages such as monetary loss, or excess commissions, sales, charges, and fees.
If you invested with ex-Tellson Securities broker Gregory Jon Andrews or with any investment adviser or registered representative whose failure to disclose an outside business activity or conflict of interest has proven harmful to your portfolio when the broker unsuitably recommend you invest in a damaging securities product, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.