GUY GREGORY CLEMENTE CRD# 1222597 9 Discloures | Cold Spring Advisory Group

GUY GREGORY CLEMENTE CRD# 1222597 9 Discloures

Regulatory 07/30/2002

MASSACHUSETTS

CLEMENTE HAS BEEN THE SUBJECT OF MORE THAN (10) CUSTOMER COMPLAINTS ALLEGING, INTER ALIA, MISREPRESENTATION, EXCESSIVE TRADING, ACCOUNT-RELATED FAILURE TO SUPERVISE, FAILURE TO FOLLOW INSTRUCTIONS, CHURNING, UNAUTHORIZED TRADING AND MAKING UNSUITABLE RECOMMENDATIONS WHILE EMPLOYED AT VARIOUS BROKER-DEALERS SINCE 1984. THE ALLEGATIONS AGAINST CLEMENTE RESULTED IN THE PLACEMENT OF CONDITIONS ON HIS REGISTRATION AS AN AGENT OF TTC.

Consent

THE DIVISION APPROVED CLEMENTE?S APPLICATION FOR REGISTRATION IN MASSACHUSETTS AS AN AGENT OF TTC UPON THE CONDITIONS SET FORTH BELOW, WHICH ARE EFFECTIVE FOR TWO YEARS: A) CLEMENTE SHALL BE SUPERVISED, ON A HEIGHTENED BASIS; B) TTC SHALL NOT PERMIT CLEMENTE TO HAVE ANY PRINCIPAL, SUPERVISORY, OR MANAGERIAL DUTIES WHILE ASSOCIATED WITH TTC OTHER THAN THOSE DUTIES PERFORMED IN HIS CURRENT POSITION AS THE SYNDICATE MANAGER OF TTC; C) TTC SHALL NOT PERMIT CLEMENTE TO POSSESS OR EXERCISE DISCRETION IN THE HANDLING OF MASSACHUSETTS CUSTOMER ACCOUNTS; D) ON A QUARTERLY BASIS, TTC SHALL MONITOR AND REPORT ON CLEMENTE?S MASSACHUSETTS CUSTOMERS WITH RESPECT TO THE CUSTOMER?S SATISFACTION WITH HIS SERVICES; E) SHOULD CLEMENTE BECOME THE SUBJECT OF ANY WRITTEN OR ORAL CUSTOMER COMPLAINT CONCERNING ALLEGATIONS ARISING FROM HIS CONDUCT OF SECURITIES BUSINESS, TTC SHALL NOTIFY THE DIRECTOR, IN WRITING, WITHIN TEN (10) BUSINESS DAYS OF TTC?S RECEIPT OF SUCH COMPLAINT; F) SHOULD CLEMENTE BECOME THE SUBJECT OF ANY REGULATORY INVESTIGATION, INTERNAL INVESTIGATION, ARBITRATION PROCEEDING, OR SECURITIES-RELATED LITIGATION CONCERNING ALLEGATIONS ARISING FROM HIS CONDUCT OF SECURITIES BUSINESS, TTC SHALL NOTIFY THE DIRECTOR, IN WRITING, WITHIN TEN (10) BUSINESS DAYS OF THE INVESTIGATION, PROCEEDING, OR LITIGATION; G) CLEMENTE SHALL NOT PERFORM ANY PRINCIPAL, SUPERVISORY, OR MANAGERIAL DUTIES WHILE ASSOCIATED WITH TTC OTHER THAN THOSE DUTIES PERFORMED IN HIS CURRENT POSITION AS THE SYNDICATE MANAGER OF TTC

H) CLEMENTE SHALL NOT POSSESS OR EXERCISE DISCRETION IN THE HANDLING OF MASSACHUSETTS CUSTOMER ACCOUNTS; I) CLEMENTE SHALL NOTIFY MR. GRABOWSKI OF THE RECEIPT OF ANY CUSTOMER COMPLAINT, ORAL OR WRITTEN, CONCERNING ALLEGATIONS ARISING FROM HIS CONDUCT AS A REGISTERED REPRESENTATIVE, OR ANY ARBITRATION PROCEEDING, REGULATORY INVESTIGATION, OR SECURITIES-RELATED LITIGATION CONCERNING ALLEGATIONS ARISING FROM HIS CONDUCT OF SECURITIES BUSINESS; J) CLEMENTE SHALL NOTIFY MR. GRABOWSKI OF ANY INACCURACY IN ANY REPRESENTATION MADE TO THE DIVISION HEREIN OR THE BREACH OF ANY PROVISION OF HIS UNDERTAKINGS AND REPRESENTATIONS; K) TWENTY-FOUR (24) MONTHS AFTER THE ENTRY OF THE ORDER, CLEMENTE SHALL SUBMIT TO TTC AND THE DIRECTOR AN AFFIDAVIT STATING THAT HE HAS FULLY COMPLIED WITH ALL CONDITIONS OF PART 9 OF THE ORDER.


Customer Dispute 05/10/2000

BREACH OF FIDUCIARY DUTY; FRAUD; MISREPRESENTATION; UNAUTHORIZED TRADING; UNSUITABLE INVESTMENT RECOMMENDATIONS; ACCOUNT RELATED FAILURE TO SUPERVISE AND NEGLIGENT HIRING.

$67,733.51

$96,697.40


Regulatory 04/03/1997

NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.

Acceptance, Waiver & Consent(AWC)

Monetary/Fine

$10,000.00


Censure


Suspension


Customer Dispute 12/10/1996

UNAUTHORIZED TRADING, CHURNING, RECOMMENDATION OF UNSUITABLE INVESTMENTS; FRAUD; MISREPRESENTATION; BREACH OF FIDUCIARY DUTY;BREACH OF CONTRACT AND ACCOUNT RELATED FAILURE TO SUPERVISE.

$178,345.89

$40,000.00


Customer Dispute 01/16/1996

FRAUD; MISPREPRESENTATION; FAILURE TO FOLLOW INSTRUCTIONS; UNAUTHORIZED TRADING; BREACH OF FIDUCIARY DUTY; BREACH OF CONTRACT; NEGLIGENCE AND ACCOUNT RELATED FAILURE TO SUPERVISE.

$103,130.00

Customer Dispute 12/11/1995

UNAUTHORIZED TRADING; UNSUITABLE INVESTMENT RECOMMENDATIONS; FRAUD; BREACH OF FIDUCIARY DUTY AND ACCOUNT RELATED FAILURE TO SUPERVISE.

$110,000.00

$32,400.00


Customer Dispute 11/03/1995

UNSUITABILITY AND ONE UNAUTHORIZED TRADE

$71,000.00

$25,000.00


Customer Dispute 10/09/1995

CUSTOMER, SUBMITTED A LETTER REQUESTING THAT ALL UNAUTHORIZED TRADES BE REVERSED.

$15,000.00

$15,000.00