Former Advisor Barred by FINRA for Failing to Respond to Investigation

Posted on November 1st, 2024 at 8:51 AM
Former Advisor Barred by FINRA for Failing to Respond to Investigation

From the Desk of Jim Eccleston at Eccleston Law

FINRA has permanently barred financial advisor Michael Charles Grande from working with any registered investment or advisory firms after he failed to cooperate with an investigation into his mutual fund recommendations.

According to ThinkAdvisor, Grande spent nearly two decades with Newbridge Securities Corp. in Fort Lauderdale, Florida, before his departure in May 2022. FINRA initiated an investigation late last year to determine whether Grande's mutual fund recommendations were suitable for his clients, particularly focusing on his suggestions for short-term mutual fund trading.

During the investigation, Grande claimed he lacked access to the requested documents and could not recall specific client strategies. Despite multiple requests from FINRA for more information, Grande did not provide the necessary details, nor did he request additional time to do so.

As a result, FINRA's enforcement department filed a complaint against Grande for failing to comply with their investigation. When Grande also failed to respond to this complaint, FINRA moved for a default decision, leading to the ruling to bar him from the industry.

Eccleston Law LLC represents financial advisors and investors nationwide in securities, employment, transition, regulatory and disciplinary matters.

Tags: Eccleston, Eccleston Law

Return to Archive

TESTIMONIALS

Previous
Next

Thank You from the bottom of our hearts for all you have done for us. When we realized this was a very bad investment - we did not know where to turn for help. Then we received your name. When we called you - you were so kind to us and then agreed to help us. For this we are so very grateful. The world would be a much nicer place if there were more people like the two of you in it. We will always remember all the help and kindness you have shown us. Thank you so very very much for everything.

Wayne and Judy S.

LATEST NEWS AND ARTICLES

November 1, 2024
Former Advisor Barred by FINRA for Failing to Respond to Investigation

FINRA has permanently barred financial advisor Michael Charles Grande from working with any registered investment or advisory firms after he failed to cooperate with an investigation into his mutual fund recommendations. 

October 30, 2024
FINRA Fines Osaic Wealth and Securities America for Cybersecurity Failures

The Financial Industry Regulatory Authority (FINRA) has fined and censured independent broker-dealers Osaic Wealth and Securities America for cybersecurity lapses that exposed the private information of over 32,000 customers.

October 29, 2024
Massachusetts Court Grants Temporary Relief in Age Discrimination Suit Against Hightower

A Massachusetts court has granted Glenn Frank, a 69-year-old advisor suing Hightower for age discrimination, a preliminary victory by temporarily blocking Hightower from enforcing its non-solicitation covenants against him.