Michael Charles Grande of Fort Lauderdale, Florida, a stockbroker registered with Newbridge Securities Corporation, has been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that Grande failed to cooperate with a FINRA investigation into his mutual fund recommendations. Department of Enforcement v. Michael Charles Grande, Disciplinary Action No. 2018060128401 (April 24, 2024).
According to the Complaint, FINRA issued two separate requests under Rule 8210, requiring Grande to provide specific details regarding the transactions he recommended to customers. Despite multiple communications by the regulator, Grande did not comply with either of the requests.
Initially, on November 13, 2023, FINRA sent the first request to Grande’s last known address, which was successfully delivered. Grande contacted FINRA, stating he lacked access to the necessary documents and was not able to recall details about the transactions.
The stockbroker then expressed his need for time to gather information. Still, he failed to submit anything by the deadline of November 27, 2023.
A second request followed on November 28, 2023, also delivered to his address, with a new deadline of December 12, 2023. Grande failed to respond.
As a result, FINRA’s investigation into the suitability of his mutual fund recommendations was hindered. Department of Enforcement alleged that Grande violated FINRA Rules 2010 and 8210.
FINRA requested that the Hearing panel find Grande in violation of these rules and impose sanctions, including a potential bar from the securities industry.
Grande was associated with Newbridge Securities Corporation in Fort Lauderdale, Florida from November 18, 2005, to May 31, 2022.
