FINRA Bars M Holdings Stockbroker In Theft Investigation
Dean Harrison Grant of Milledgeville Georgia a stockbroker formerly registered with M Holdings Securities Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Grant failed to cooperate with FINRA in an investigation concerning Grant’s conversion of funds from customers of the securities broker dealer. Letter of Acceptance Waiver and Consent No. 2019061567201 (May 13, 2019).
According to the AWC, an investigation had been launched by FINRA in regard to accusations of funds being converted by Grant; and documents being withheld by Grant from FINRA. Apparently, a letter was sent by FINRA to Grant calling upon him to provide documentation and information to the regulator under Rule 8210. Grant was expected by FINRA to satisfy this obligation by a February 27, 2019 deadline; however, Grant failed to respond.
The AWC stated that another request had been sent to Grant by FINRA on February 28, 2019. This letter reportedly requested documentation and information referenced in FINRA’s first investigative request under Rule 8210. This time, Grant reportedly responded; yet, FINRA was still left withheld key documents and information it requested from Grant.
Evidently, Grant’s failure to fully comply with FINRA’s request led to a third request being made by FINRA on March 15, 2019. The AWC stated that Grant’s response to FINRA’s March 15, 2019 request was incomplete; he still neglected to furnish certain documents and information to the regulator. Eventually, counsel for Grant contacted FINRA by April 15, 2019 to confirm that Grant was cognizant of FINRA’s requests but would at no point be furnishing the documents and information to FINRA that had been requested of him. FINRA found Grant’s failure to cooperate in the investigation to be violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals Grant is also the subject of an Investigation initiated by the State of Georgia, where warrants had been issued for Grant’s arrest because of Grant allegedly committing the trafficking of an elder person; forgery; fiduciary related theft; and insurance fraud. Case No. 19000268. Subsequently, Grant was charged in the Baldwin County Georgia Superior Court with ten counts of theft by taking (16-8-2); two counts of trafficking an elder person (16-5-102.1); one count of forgery in the first degree (16-9-1); and ten counts of insurance fraud (33-1-9). Case No. 18-324 (Mar. 1, 2019).
FINRA Public Disclosure also confirms that a customer filed an investment related complaint concerning Grant’s activities in which the customer requested $13,284.90 in damages founded on allegations that while Grant was associated with NYLife Securities Inc., false statements were made to the customer concerning the costs of the customer’s life insurance policy transfer as well as the customer’s ability to renew a variable life insurance policy.
Grant’s registration with M Holdings Securities Inc. has been terminated as of January 25, 2019.