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Andrew Grant: Laidlaw Broker Suspended Over Discretion Use
Andrew Grant (CRD# 2709882), a broker currently based in Melville, New York, was recently sanctioned by the Financial Industry Regulatory Authority in connection to allegations he effected discretionary transactions without proper authorization. A representative of Laidlaw & Company, Grant was issued a 15-day suspension and a fine of $5,000.
According to a Letter of Acceptance, Waiver and Consent (No. 2018059749401) dated January 2020, Andrew Grant was associated with Laidlaw & Company as a General Securities Representative when, from January 1, 2018 until April 30, 2019, he “exercised discretionary trading authority to effect 643 transactions in 13 customers’ accounts.” FINRA’s findings go on to state that none of these 13 customers had given him authorization to exercise discretion in their accounts. Nor, FINRA states, had Laidlaw & Company provided acceptance of any of the 13 accounts in question as discretionary. FINRA notes that NASD Rule 2510(b) requires that registered representatives only exercise discretion in customer accounts when they have received written authorization from the customers as well as their firm’s written acceptance of the accounts as discretionary. FINRA notes further that a violation of NASD Rule 2510(b) is also a violation of FINRA Rule 2010, which requires representatives to “observe high standards of commercial honor and just and equitable principles of trade.” FINRA found that Grant’s actions violated NASD Rule 2510(b) and FINRA Rule 2010. As a result of the foregoing alleged conduct, he was issued a 15-day suspension from associating with any FINRA member firm in any capacity. He was also ordered to pay a fine of $5,000.
Andrew Grant has been registered with Laidlaw & Company in Melville, New York since 2012. His previous registrations include Obsidian Financial Group, Empire Financial Group, Ehrenkrantz King Nussbaum, Weatherly Securities Corporation, Tasin & Company, IAR Securities Corporation, and Investors Associates. He has passed three securities industry qualifying examinations and his BrokerCheck report lists 21 state securities licenses. (Information current as of May 20, 2020.)