Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker, Grant C. Birkley (CRD # 2933533) was recently barred from the securities industry by FINRA’s Department of Enforcement after refusing to cooperate with an investigation.
On August 19, 2020, SagePoint Financial, Inc., the firm Mr. Birkley was registered with, filed a Uniform Termination Notice for Securities Industry Registration (Form U5) that stated it had discharged Mr. Birkley after he admitted making referrals to an outside asset manager without the firm’s approval.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Birkley.
Registration Background for Grant Birkley
Mr. Birkley first became registered in the securities industry in 1998. He most recently was registered with Barrington, IL based SagePoint Financial, Inc. (CRD # 133763) from November 2017 to August 2020. His previous registrations include Wells Fargo Clearing Services, LLC (CRD # 19616) from November 2018 to November 2017 and Merrill Lynch, Pierce, Fenner & Smith Inc. (CRD # 7691) from March 1999 to November 2008.
FINRA’s Allegations Against Grant Birkley
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated June 4, 2021, Mr. Birkley consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “On April 13, 2021, FINRA sent a request to [Mr. Birkley] for the production of information and documents pursuant to FINRA Rule 8210”;
- “As stated during his counsel’s phone call with FINRA on May 10, 2021, and by this agreement, [Mr. Birkley] acknowledges that he received FINRA’s request and will not produce the information or documents requested.”; and
- By virtue of his actions, Mr. Birkley violated FINRA Rule 8210, regarding cooperating in investigations and FINRA Rule 2010, regarding standards of commercial honor and principles of trade.
FINRA Sanctions Grant Birkley For Refusing to Cooperate In Securities Investigation
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s June 4, 2021 AWC also indicates that Mr. Birkley consented to the following sanction(s):
- A bar from association with any FINRA member in all capacities.
Grant Birkley Has A History of Securities Industry Customer Complaints
In addition to the June 4, 2021 AWC showing Grant Birkley being barred from the securities industry for refusing to cooperate in a FINRA investigation, FINRA BrokerCheck for Mr. Birkley reveals he has the following history of customer complaints and/or customer-initiated arbitrations, including but not necessarily limited to:
- On August 28, 2020, a customer-initiated arbitration was commenced naming Mr. Birkely as a respondent regarding alleged actions that occurred while he was associated with SagePointe Financial, Inc. The customer’s allegation(s) involved the unapproved sale of a private investment fund. The customer further alleged damages of $1,430,000.00. The arbitration is currently pending.
- On August 13, 2020, a customer-initiated written complaint was received by SagePoint Financial, Inc. Regarding alleged actions of Mr. Birkely. The customer’s allegation(s) involved the recommendation of an inappropriate investment fund away from and unapproved by SagePoint Financial, Inc. The customer further alleged damages of $900,000.00. The complaint is currently pending.
If you or someone you know has or had a brokerage account with Grant C. Birkley and have concerns regarding losses in your investments or possible sales practice violations including 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.