Michael Greco Allegedly Sold Unsuitable Annuity
Michael Greco (CRD# 1199932), a broker registered with MassMutual, took advantage of a customer, according to a recent, denied dispute. MDF Law is investigating the Coral Springs, Florida-based financial professional for similar conduct. If you have concerns about your accounts, contact us for a free consultation.
To learn more about the allegations involving Mr. Greco, continue reading this post. The information herein is based on a February 10, 2025 review of his BrokerCheck profile, a Financial Industry Regulatory Authority record.
Firm Denied Suitability Allegations
On December 11, 2024, an investor lodged a dispute involving Mr. Greco. In this claim, they allege that he sold her an unsuitable fixed annuity, “and that she was taken advantage of.” The claimant sought $43,792 in alleged damages in the claim, which his member firm denied.
Past Firm Also Alleged Unsuitable Annuity
The above-described dispute is not the only one in Mr. Greco’s record. On September 14, 2005, another investor filed a claim alleging that he sold an unsuitable annuity investment. In this case, his former member firm settled the dispute for a total of $5,000.
Why Did Tower Square Securities Fire Michael Greco?
On July 29, 2002, Tower Square Securities filed a disclosure concerning its termination of Mr. Greco’s registration with the firm. According to the disclosure, the firm fired him “for failure to fully respond and cooperate with an internal inspection and investigation.”
What You Need To Know About the Suitability Standard
Both the settled and denied disputes involving Mr. Greco alleged a relatively common form of investment fraud, the recommendation of unsuitable investments. Under FINRA Rule 2111, brokers must have “reasonable basis to believe” the investments or strategies they recommend are tailored to a customer’s background and goals. To determine a recommendation’s suitability, they must identify and consider the customer’s investment profile. This set of information includes the client’s net worth, investment objectives, liquidity needs, risk tolerance, and other factors.
What Is Greco & O’Neal?
As his BrokerCheck record reflects, Mr. Greco is a representative of MassMutual, also known as MML Investors Services. He operates under the brand Greco & O’Neal, which offers securities and advisory services through MML. That firm’s website features his professional biography, which outlines his background and credentials.
“Specializing in the intricacies of retirement plan options, the major thrust of Michael’s work is to assist individuals and corporations in pension fund accrual while minimizing taxation consequences,” it reads. “Through program modeling strategies, best-choice options are demonstrated relative to state, federal, transfer and estate tax issues.”
FINRA: Broker Based in Coral Springs, Florida
Mr. Greco started working as a broker in 1983, when he joined Tower Square Securities in El Segundo, California. He remained at the firm until 2002, when he departed for Prime Capital Services’ office in Melville, New York. In 2006, he left Prime Capital for MassMutual. He remains at MassMutual today, based in Coral Springs, Florida. Boasting 41 years of experience as a broker, he has completed four industry exams, including the Series 7 and the Series 6.
Chat with an Investment Fraud Attorney Today
If you lost money working with Michael Greco, you may have recourse. MDF Law’s experienced team of investment fraud attorneys have secured more than $100 million in recoveries for our clients. We only collect a fee if you win your case, which you may have a limited time to file. Call us at 800-767-8040 for a free consultation today.