As with most regulatory agencies, FINRA and the SEC try to learn from painful experiences. In recent years, a single name has come to be known by virtually every registered representative and supervisor in the securities industry; that name is Gruttadauria. As the direct result of the reprehensible deeds of this one person, the securities industry has been additionally burdened with an entire set of regulatory demands that have extensively refashioned supervisory controls and procedures.
