Andrew Grant Suspended by FINRA for Alleged Unauthorized Trading
Andrew Grant (CRD #: 2709882), a broker registered with Network 1 Financial Securities, has been suspended by FINRA twice, according to his BrokerCheck record, accessed on July 5, 2023. If you have questions about his alleged conduct as a broker, read on.
2023 FINRA Suspension
On March 29, 2023, Andrew Grant consented to the entry of findings that he allegedly exercised discretionary authority in four clients’ accounts without their authorization or Laidlaw & Company (UK)’s approval of these accounts for discretionary trading.
A Letter of Acceptance, Waiver & Consent (AWC) alleged that Andrew Grant executed at least 102 unauthorized discretionary trades from October 22, 2021, through April 19, 2022. The four clients involved allegedly did not provide prior written authorization for him to exercise discretion.
Further, Laidlaw & Company allegedly did not accept any of these accounts as discretionary accounts.
The AWC concluded that these allegations constitute violations of FINRA Rules 3260(b) and 2010.
FINRA Rule 3260
FINRA Rule 3260 restricts brokers from exercising their trading discretion outside of pre-authorized discretionary accounts. These accounts must be approved for discretionary trading by both the client and the firm.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Sanctions
Andrew Grant consented to the following sanctions:
- $5,000 fine
- 1-month suspension
His suspension ran from April 17 to May 16, 2023.
You can read a copy of the AWC here.
2020 FINRA Suspension
On January 17, 2020, Andrew Grant consented to the entry of findings that he allegedly executed discretionary trades without clients’ prior written authorization or the authorization of Laidlaw & Company from January 1, 2018, through April 30, 2019.
According to a Letter of Acceptance, Waiver & Consent (AWC), Andrew Grant allegedly executed 634 discretionary transactions in 13 clients’ accounts. The AWC alleged that none of these clients gave him their written authorization to exercise his trading discretion and that Laidlaw & Company had not accepted any of these accounts as discretionary.
The AWC concluded that these allegations constituted violations of NASD Rule 2510(b) and FINRA Rule 2010.
Sanctions
Andrew Grant consented to the following sanctions:
- $5,000 fine
- 15-business-day suspension
His suspension ran from February 18 through March 9, 2020. You can read the full AWC here.
Background Information
Andrew Grant has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
Andrew Grant is a registered broker in California, New York, and the Virgin Islands.
He has also worked for the following firms:
- Laidlaw & Company (UK) (CRD#:119037)
- Obsidian Financial Group (CRD#:104255)
- Empire Financial Group (CRD#:28759)
- Ehrenkrantz King Nussbaum (CRD#:113525)
- Ehrenkrantz King Nussbaum (CRD#:31140)
- Weatherly Securities Corporation (CRD#:11081)
- Tasin & Company (CRD#:30709)
- IAR Securities Corporation (CRD#:5155)
- Investors Associates (CRD#:958)
Kurta Law Can Help
If you worked with Andrew Grant and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.
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