Philip L. Grasso, formerly a broker with
Allstate, allegedly defrauded two of his
elderly customers out of $227,150 by diverting money from life insurance policies and annuities
into his own accounts.
Philip Leonard Grasso Jr. (CRD# 1164783), a former financial advisor with
Allstate Financial Services, has been accused by FINRA of misappropriating $227,150 from two elderly
According to a complaint filed by FINRA’s Department of Enforcement, beginning around February
of 2013, Grasso “inserted himself” into the lives of the two
elderly customers, ages 89 and 91, for the sole purpose of taking their money.
Specifically, it is alleged that Grasso convinced the customers to liquidate
certain life insurance policies and annuities and invest it through brokerage
accounts managed by Grasso. FINRA claims that Grasso deposited approximately
$227,150 of the customers’ money directly into his own bank and
brokerage accounts and used the funds for his own personal expenses.
FINRA also accuses Grasso of providing the elderly customers with false
account statements to conceal the misconduct.
According to FINRA, Grasso did not respond to FINRA’s request for information in conjunction
with their investigation into this alleged misconduct.
Sadly, elderly customers are a prime target for scam artists who target
them for their life insurance policies, retirement accounts, and savings.
Sometimes, as is alleged in the case of Grasso, financial advisors deliberately
misappropriate their customers’ money.
If you or a loved one has lost money through what you believe to be investment
fraud or misconduct, contact the securities fraud lawyers at Meyer Wilson
today and we will provide you with a
free review of your case.