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Did Grant Conness Recommend Unsuitable Investments?

Nov 15, 2021 Investor Disputes

Grant Conness (CRD #:4778193), a registered broker with Madison Avenue Securities, is involved in an investor dispute, according to his BrokerCheck record, accessed on October 27, 2021. He is also a registered investment advisor with Global Wealth Management Investment Advisors.

Keep reading for more details regarding the allegations.

Investor Allegations

On September 20, 2021, an investor filed a dispute alleging that in 2015, Grant Conness recommended multiple unsuitable investments.

Brokers are required to have a reasonable basis for recommending an investment according to FINRA Rule 2111. Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. An investor’s profile includes information about their risk tolerance, financial goals, and age. 

  • Investments can be unsuitable because they are high risk and likely to lose money.
  • Securities may also be unsuitable because they are illiquid, meaning that they are intended to be held for an extended time, and investors may have to pay high fees to cash out.
  • Securities can be quantitatively unsuitable, which means that brokers executed an excessive number of trades.
  • These requirements apply to the overall investment strategy as well as the investments themselves. For instance, an investment strategy might be unsuitable if the securities are over-concentrated in a particular stock or sector.

Investor Disputes from 2020

There are two investor disputes from 2020. 

  • On September 20, 2020, Grant Conness was involved in another dispute. The allegations include unsuitable investment recommendations, breach of fiduciary duty, and a breach of contract and negligence. The investor is seeking $100,000; the dispute is pending. 
  • On October 20, 2020, investors alleged that Grant Conness recommended two unsuitable Real Estate Investment Trusts (REITs). The investor sought $50,000; the dispute settled for $14,999. 

Grant Conness Background Information

Grant Conness has passed the following exams:

  • Series 65 Uniform Investment Adviser Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

Grant Conness is a registered broker in 22 states. He is a registered investment adviser in Texas and Florida.

Besides Madison Avenue Securities and Global Wealth Management Investment Advisors, Grant Conness has worked with the following firms:  

  • Global Financial Private Capital (CRD#: 132070)
  • F. Investment Services (CRD#: 132939)
  • Pacific West Securities (CRD#: 6390)
  • Costa Financial Securities (CRD#: 45039)
  • SII Investments (CRD#: 2225)

Kurta Law Can Help

If you have worked with Grant Conness and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For nearly 20 years, Kurta Law has advocated for investors 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. Please contact us today if you would like us to evaluate your potential case.