Ex-SagePoint Financial Broker Grant Birkley Faces $2.3M of Investor Fraud Claims
Barred SagePoint Financial Broker Accused of Selling Away
Grant Christopher Birkley, an ex-SagePoint Financial stockbroker, is named in two pending customer disputes. He is accused of selling investment products that were not approved by his firm.
SagePoint Financial fired him last August after he admitted to making referrals to an external manager without the broker-dealer’s approval. In June, FINRA barred Birkley indefinitely after he declined to provide documents and information related to the self-regulatory authority’s probe into his termination by SagePoint.
According to BrokerCheck, there are at least two pending FINRA arbitration claims totaling over $2.3M in which Birkley is named:
- August 2020: This claimant is seeking $900K in damages and contends that the SagePoint Financial broker recommended a fund that was not approved by the firm.
- August 2020: Making similar allegations, this customer is requesting $1.43M in damages.
What is Selling Away?
Selling away is an inappropriate sales practice that occurs when a broker markets and sells securities that have not been approved by the brokerage firm. Purchasing an unapproved financial product that has not been vetted by a financial advisor’s broker-dealer can prove risky for the customer. This is especially true if proper due diligence hasn’t been conducted to make sure that the investment is safe and legitimate.
Selling away is also a violation of securities laws. Yet some brokers continue to engage in this misconduct. A couple of incentives are the lure of high commissions and not having to contend with oversight from the firm.
Grant Birkley worked for 21 years in the industry. Other brokerage firms where he used to be a registered representative include:
- Wells Fargo Clearing Services
- Merrill Lynch
- Pierce, Fenner & Smith
- Shepherd Financial Group
SSEK Law Firm Investigates SagePoint Financial Brokers
Shepherd Smith Edwards and Kantas (SSEK Law Firm) is investigating claims of investment losses involving customers of ex-SagePoint Financial stockbroker, Grant Birkley. If you are one of these investors, contact us today.
We also are looking into claims of investment losses involving other SagePoint Financial registered representatives who sold GPB Capital Holdings private placements. The brokerage firm and its financial advisors are among those that earned high commissions from selling investments in the GPB Funds. Over 17,000 investors suffered devastating losses in the alleged $1.8B Ponzi scam.
Call our experienced investment fraud lawyers at (800) 259-9010 today.