Owensboro, Kentucky Financial Advisor suspended by FINRA

A long-time investment advisor with Cantella & Co. based in Owensboro, Kentucky was recently suspended by FINRA for alleged wrongful conduct. Pursuant to FINRA Rule 9216, Gleason submitted a Letter of Acceptance, Waiver, and Consent (AWC) aimed at settling alleged violations and avoiding future repercussions from FINRA based on the same findings.

Gleason’s career spanned several decades, commencing in 1985 when he first registered with FINRA. However, recent disclosures by former employers have brought his practices under scrutiny by FINRA. According to his FINRA Brokercheck report, his association with Cantella & Co., Inc., ended with him being “discharged” due to “Concerns regarding the origin of notations added to firm-requested Active Account and Concentration client letters.”

The AWC focused on Gleason’s actions between July 2020 and June 2021, during which he allegedly breached the Best Interest Obligation under Rule 15l-1(a)(1) of the Securities Exchange Act. This rule mandates that brokers prioritize clients’ interests over their own when recommending investments. According to the AWC: “Gleason recommended to a retail customer (Customer A) a series of transactions that were excessive in light of the customer’s investment profile. In so doing, Gleason placed his interests ahead of the interests of the customer.” The AWC further stated that this pattern of behavior resulted in significant costs for Customer A, including substantial commissions despite modest account balances.

The AWC sanctioned Mr. Gleason with a three month suspension of his license and a $5,000.00 fine.

Greco & Greco has extensive experience representing customers in churning claims against their financial advisors and firms. Churning occurs when the advisor engages in excessive trading for the purpose of generating commissions or fees, without regard for the suitability of the trading for the customer. If you believe you may have been the victim of churning, please contact Scott Greco for a free securities fraud attorney consultation about your case.