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Former Allstate Broker Philip Leonard Grasso Accused of Misappropriating Funds From Elderly Investors

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 customers. 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.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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