Gregg William Gravenstine (CRD #1762521, Medford, New Jersey)

June 20, 2024 – An AWC was issued in which Gravenstine was fined $10,000 and suspended from association with any FINRA member in all capacities for 45 days. Without admitting or denying the findings, Gravenstine consented to the sanctions and to the entry of findings that he made unauthorized transactions by executing cash journals, totaling $24,109, from a customer’s account to an account owned by the customer’s father. The findings stated that Gravenstine made these transfers based on instructions from the customer’s father even though he was not authorized to direct transactions in the customer’s account. Gravenstine relied on the customer’s father’s indication that he had spoken with his son regarding the journals. The customer eventually commenced a dispute resolution proceeding to dispute the legitimacy of the transactions. The customer’s father subsequently paid the customer the amounts journaled from the customer’s account to the father’s account. The findings also stated that Gravenstine caused his member firm to maintain incomplete books and records by communicating with firm customers regarding firm-related business via text messages from his personal phone. The text messages were not reviewed or retained by the firm. The suspension is in effect from July 15, 2024, through August 28, 2024. (FINRA Case #2022073972401)

If you have suffered losses as a result of Gregg William Gravenstine's act and/or actions we would like to hear from you. We are currently investigating claims on behalf of clients who have suffered significant losses in their portfolios that are managed by Gregg William Gravenstine. The Schwartz Law Firm represents investors in claims against financial advisors and their firms. If you have questions about your potential claim or need assistance from an investment fraud lawyer, please contact us at 866-618-0545 or email Matthew Schwartz directly at mschwartz@tslfirm.com.