Roosevelt Grayson: LPL Advisor Faces Suitability Complaint

A recent investor complaint against Detroit, Michigan financial advisor Roosevelt Grayson (CRD# 1328135) alleges that he recommended an unsuitable investment. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with LPL Financial, doing business as Grayson Advisory Group.

Mr. Grayson’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in November 2024, alleges that as a representative of LPL Financial, he recommended an unsuitable variable universal life insurance policy and provided poor advice. The pending complaint alleges unspecified damages.

An earlier investor complaint, filed in 2008, alleged that as a Chase Investment Services representative, he misrepresented material facts relating to a variable annuity investment. The complaint alleged damages of more than $15,000 and was denied by the firm.

A third investor complaint, filed in 2011, alleged that as a Chase representative, he misrepresented a mutual fund investment and failed to follow instructions. The complaint reached a settlement of $5,530.98.

A fourth investor complaint, filed in 1995, alleged that as a representative of Independence One Brokerage Services, he acted negligently, breached contract, breached his fiduciary duty, and misrepresented material facts. In 1996 the complaint reached a settlement of $65,000.

According to the Financial Industry Regulatory Authority, Roosevelt Grayson holds 39 years of securities industry experience. Based in Detroit, Michigan, he has been registered as a broker and an investment advisor with LPL Financial since 2014, doing business as Grayson Advisory Group. His registration history includes JP Morgan Securities, Chase Investment Services Corporation, Citigroup Global Markets, Banc One Securities Corporation, First Chicago NBD Investment Services, Essex National Securities, Independence One Brokerage Services, Liberty Securities Corporation, Pamco Securities and Insurance Services, Great Lakes Equities, Pruco Securities Corporation, IDS Marketing Corporation, and IDS Financial Services. His credentials include the passage of five securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Uniform Investment Adviser Law Examination, or Series 65; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Alabama, Arizona, California, Georgia, Maryland, Michigan, Nevada, North Carolina, and Texas. (Information current as of December 23, 2024.)

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