The Financial Industry Regulatory Authority (FINRA) has fined Donald Kay Gross II $10,000 and suspended him for two years for allegedly participating in a private securities transaction for compensation by selling $6.2 million in limited partnership interests in a hedge fund that traded options to investors, all of whom were his member firm’s clients without providing the required notice to or obtaining permission from the firm. Since the investments, the hedge fund collapsed and investors lost approximately 95 percent of their investments. This is against securities laws. Gross’ former firm, Summit Equities, in Parsippany, New Jersey, may be liable for investment losses because the firm failed to reasonably supervise him, allowing him to break securities rules. Summit may be sued for investment losses in the FINRA arbitration forum on a contingency fee basis. Please call us at 312-332-4200 to speak to one of our attorneys for a free consultation. There is no obligation. Donald Gross was registered with Global Equity Holdings in Lebanon, New Jersey from July 2011 until January 2014 and Summit Equities in Parsippany, New Jersey from November 1989 until November 2016. He has one customer dispute against him.
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