Introduction:
Anthony Pellegrino, founder and CEO of Goldstone Financial Group, has established a notable presence in the financial advisory sector, assisting clients with retirement planning and investment strategies. Despite his professional accomplishments, Pellegrino and his firm have encountered regulatory challenges concerning unregistered securities transactions and the nondisclosure of referral fees.
Professional Background:
Pellegrino founded Goldstone Financial Group with the mission of providing clients with financial strategies designed to achieve consistent returns, irrespective of market volatility. As a fiduciary, he is legally obligated to act in the best interests of his clients. Throughout his career, Pellegrino has been acknowledged for his expertise in safe money strategies, ranking among the top 1% of specialists nationwide and being named one of the top 10 advisors in America in 2013. He has assisted over 2,500 clients in securing lifetime income features to ensure a steady paycheck during retirement.
Regulatory Actions:
In March 2022, the Securities and Exchange Commission (SEC) sanctioned Goldstone Financial Group for engaging in unregistered transactions and failing to disclose fees earned from selling securities of 1 Global Capital, a company later revealed to be fraudulent. Anthony Pellegrino was censured and fined $30,000, while his co-founder, Michael Pellegrino, received a more severe penalty, including a bar from the industry.
The SEC’s investigation revealed that Michael and Anthony Pellegrino received approximately $1.6 million in fees from 1 Global for selling their securities, a rate significantly higher than the industry standard. Additionally, Anthony Pellegrino’s record includes a prior disclosure from 2019, where the Idaho Department of Finance fined him $10,000 for recommending unregistered securities, violating state regulations.
Conclusion:
While Anthony Pellegrino has made significant contributions to the financial advisory industry, the regulatory actions against him and Goldstone Financial Group raise concerns about their professional conduct and adherence to ethical standards. Potential clients are advised to exercise caution and conduct thorough due diligence before engaging with him or his firm.
