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.

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