GREGORY EDWARD COLLINS - Investment Adviser

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Detailed ReportReport

GREGORY EDWARD COLLINS

Greg Collins

CRD#: 4224616

Previous Investment Adviser

Previous Broker

The representative was previously registered both as an investment adviser and as a broker. Visit BrokerCheck for more information on this individual's Broker record. Go to BrokerCheck Site

Licenses

Licenses

0 Licenses

Registration History

Disclosure(s)

View By:

7/24/2023

Regulatory

Final

Initiated By

FINRA

Allegations

Without admitting or denying the findings, Collins consented to the sanctions and to the entry of findings that he earned over $150,000 by engaging in OBAs outside the scope of his relationship with his member firm. The findings stated that Collins worked as a lecturer in finance at two universities and at a retail distributor, receiving compensation from all three positions, without disclosing the OBAs to, or getting approval from, his firm to engage in them. Collins became involved in two other OBAs before providing notice to his firm and continued after the firm explicitly denied his requests to participate in them. Collins served as the "strategic advisor" to a hedge fund, where he provided investment advice and other services to the fund. Collins received approximately $5,000 each month in compensation for his work for the hedge fund. Collins first disclosed this activity to his firm inaccurately and incompletely, describing his role merely as a consultant. Despite the firm denying Collins' request, he continued acting as a strategic advisor to the hedge fund until the firm initiated an internal investigation into his continued participation in unapproved business activities. Similarly, Collins created a website with the ultimate purpose of selling online financial education courses. Collins disclosed the website to his firm, and it explicitly denied approval for his participation. Despite the firm's denial, Collins maintained the website. Collins had a reasonable expectation of compensation from the website because it offered financial education courses to the public for a fee. Further, Collins submitted two false compliance attestations to his firm representing that he had disclosed all OBAs. The findings also stated that, as part of Collins' role as strategic advisor to the hedge fund, he traded securities on its behalf through the fund's brokerage account at an outside firm. Collins did not notify his firm that he was trading on behalf of the fund.

Resolution

Acceptance, Waiver & Consent(AWC)

Sanctions

Civil and Administrative Penalty(ies)/Fine(s)

Amount

$12,500.00

Sanctions

Suspension

Registration Capacities Affected

All capacities

Duration

six months

Start Date

8/7/2023

End Date

2/6/2024

Previous Registration(s)

th hidden text	th hidden text	Name	Location
IA	07/12/2022 - 12/31/2022	LAKE GEORGE CAPITAL MANAGEMENT, LLC (CRD#:316519)	ALBANY, NY
IA	03/14/2018 - 08/04/2021	LPL FINANCIAL LLC (CRD#:6413)	EAST GREENBUSH, NY
IA	04/25/2014 - 02/06/2018	INVEST FINANCIAL CORPORATION (CRD#:12984)	latham, NY
IA	06/02/2008 - 12/31/2009	FOUNTAIN HILL INVESTMENT ADVISORS, LLC (CRD#:146594)	ORLANDO, FL
IA	10/23/2007 - 11/06/2009	CHURCH STREET CAPITAL ADVISORS, LLC (CRD#:143806)	ORLANDO, FL

LAKE GEORGE CAPITAL MANAGEMENT, LLC (CRD#:316519)

ALBANY, NY

07/12/2022 - 12/31/2022

LPL FINANCIAL LLC (CRD#:6413)

EAST GREENBUSH, NY

03/14/2018 - 08/04/2021

INVEST FINANCIAL CORPORATION (CRD#:12984)

latham, NY

04/25/2014 - 02/06/2018

FOUNTAIN HILL INVESTMENT ADVISORS, LLC (CRD#:146594)

ORLANDO, FL

06/02/2008 - 12/31/2009

CHURCH STREET CAPITAL ADVISORS, LLC (CRD#:143806)

ORLANDO, FL

10/23/2007 - 11/06/2009

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Broker

A brokerage firm, also called a broker-dealer, is in the business of buying and selling securities – stocks, bonds, mutual funds, and certain other investment products – on behalf of its customer (as broker), for its own bank (dealer), or both. Individuals who work for broker-dealers - the sales personnel are commonly referred to as brokers.

Investment Adviser

An investment adviser is paid for providing advice about securities to clients. In addition, some investment advisers manage investment portfolios and offer financial planning services.

Disclosures

Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.