FINRA has permanently banned former broker Jay Jules Gruenebaum, who was terminated by his most recent employer, Stifel Nicolaus, for making unauthorized payments to clients. FINRA began its investigation of Gruenebaum after his June 16 termination and two customer complaints about mishandled accounts and particular representations he made to them, in addition to the unauthorized payments.

FINRA requested in person testimony, but Jay Jules Gruenebaum failed to appear.

“I would point out that the ban was for his unwillingness to travel to DC for an OTR [on-the-record testimony.] He had already decided to leave the industry and did not want to spend additional time and money,” wrote Gruenebaum’s attorney.

Gruenebaum neither admitted nor denied FINRA’s findings.

Gruenebaum began his employment with Stifel Nicolaus in March 2013 and was terminated on May 23, 2016.

This was not Gruenebaum’s first termination. He was terminated by Merrill Lynch after six years of employment for altering client documents on several occasions, according to his BrokerCheck, which also shows three customer disputes for unsuitable recommendations.

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