Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor Andrew Justin (“Andy”) Grant (CRD # 2709882) was recently suspended from the securities industry by FINRA’s Department of Enforcement. The suspension occurred during the course of an investigation into the unauthorized use of discretion in customer accounts. The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Grant.
Registration Background for Andrew Justin Grant
Mr. Grant became registered in the securities industry in February 1997 and is currently registered with Melville, NY based Laidlaw & Company (UK) Ltd. (CRD # 119037). His prior registrations include Obsidian Financial Group, LLC (CRD # 104255) from December 2008 to December 2012, Empire Financial Group, Inc. (CRD # 28759) from November 2005 to December 2008 and Ehrenkrantz King Nussbaum, Inc. (CRD # 113525) from December 2001 to December 2005.
FINRA’s Finding and Conclusions
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated January 17, 2020, Mr. Grant consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “From January 1, 2018 through April 30, 2019, [Mr.] Grant exercised discretionary trading authority to effect 634 transactions in 13 customer accounts”;
- “None of the 13 Firm customers gave written authorization for [Mr.] Grant to exercise discretion in their accounts…”;
- “Laidlaw did not accept any of the 13 accounts as discretionary accounts”; and
- As a result of his actions, Mr. Grant violated NASD Rule 2510(b) regarding discretionary trading and discretionary accounts and FINRA Rule 2010, which requires associated persons, in the conduct of business, to “observe high standards of commercial honor and just and equitable principles of trade.“
FINRA Sanctions Andrew Justin Grant
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s January 17, 2020 AWC also indicates that Mr. Grant consented to the following sanction(s):
- A suspension from association with any FINRA member firm in any and all capacities for 15 business days; and
- A fine of $5,000.00.
Andrew Justin Grant has a History of Complaints
In addition to the findings of FINRA’s Department of Enforcement, FINRA BrokerCheck reveals Mr. Grant has a history of customer complaints and/or arbitrations alleging fraud. On August 2, 2018 a customer initiated a written complaint which was received by Laidlaw & Company (UK) Ltd. The Complaint alleged damages in the amount of $125,000.00 for unsuitability from 2015 to 2017. The complaint was closed without action on April 17, 2019.
If you or someone you know has or had a brokerage account with Mr. Andrew Justin Grant and have concerns regarding losses in your investments or possible fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.