Were you the victim of former Andrew Garrett, Inc. broker Guy Clemente (CRD# 1222597)? He has been registered with Aegis Capital Corp. in New York, New York, since 2023. He was registered with Andrew Garrett, Inc. in New York, New York, from 2007 to 2024, when he was terminated regarding, “Individual was subject of an investment-related,consumer-initiated complaint. The complaint prompted an internal review, which was ongoing on 12/21/2023, when individual submitted resignation. Internal review concluded that individual violated firm policies.” He was registered with S.W. Bach & Company in New York, New York, from 2003 to 2007. He was also registered with the following firms:
- The Thornwater Company, L.P. in New York, New York, from 1999 to 2003,
- M.S. Farrell & Company, Inc. in Syosset, New York from 1997 to 1999
- Sands Brothers & Co., Ltd. in New York, New York, from 1996 to 1997
- The J.B. Sutton Group, Inc. in Melville, New York, from 1996 to 1997
- Commonwealth Associates in New York, New York, from 1995 to 1996
He was previously registered with Salomon Smith Barney Inc. in New York, New York, from 1993 to 1995, when he was terminated regarding, “Mr. Clemente admitted he signed a $195,000 promissory note and gave the same customer personal checks totaling $75,000 for an unapproved outside business activity in violation of firm policy, which was discovered in the course of investigating a verbal customer complaint alleging unauthorized trading. Mr. Clemente failed to cooperate with the attorney handling the investigation in that he refused to give them copies of the promissory note or the checks”.
In April 1997, the National Association Of Securities Dealers, Inc. sanctioned him to pay a $10,000 monetary fine, suspended him, and sanctioned him to a censure.
In July 2002, the state of Massachusetts sanctioned him to heightened supervision for two years following allegations that he was the subject of more than 10 customer complaints alleging, “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.”
Guy Clemente Customer Complaints
He has been the subject of seven customer complaints between 1995 and 2024, according to his CRD report. The most recent complaint was regarding:
June 2024. “Breach of Fiduciary Duty, Suitability, Fair Dealing, Excessive Trading, Failure to Supervise, Breach of Contract.” The customer is seeking $750,000 in damages, and the case is currently pending. The complaint was regarding equity OTC and common and preferred stocks, and it took place while he was registered with Andrew Garrett, Inc.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Andrew Garrett, Inc. may be liable for investment or other losses suffered by Guy Clemente’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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