FINRA Bars Grant Birkley after Alleged Unsuitable Investment Recommendations
According to the Financial Industry Regulatory Authority (FINRA) on June 4, the regulator has reportedly barred financial advisor Grant Birkley (CRD #2933533) from the securities industry.
FINRA’s findings state that Birkley allegedly refused to produce information and documents requested by FINRA during the course of its investigation of a Form U5 filed by his member firm stating that it purportedly discharged Birkley after he admitted to making referrals to an outside asset manager without the firm’s approval.
According to his broker profile, Birkley was reportedly registered with Sagepoint Financial in Barrington, IL from November 2017 to August 2020, and prior to that he was affiliated with Wells Fargo in Woodstock, IL for 9 years. Birkley reportedly has 2 pending customer complaints filed against him in August 2020. Allegations include “inappropriate involvement in sale of unapproved product” and “recommendation of inappropriate fund (not bd approved).”
Filing a Complaint against your Brokerage Firm
Brokerage firms are required to adequately supervise their advisors. They must ensure they are complying with FINRA rules.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The brokerage firms can be held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.
If you are concerned about investments with Grant Birkley, the securities attorneys at The White Law Group may be able to help you. For a free consultation with an attorney, please call (888) 637-5510.
The foregoing information, which is all publicly available, is being provided by The White Law Group.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois. For more information, please visit our website, www.whitesecuritieslaw.com.