Dean Grant (CRD# 1945209), a former registered representative with M Holdings Securities, Inc. (CRD#: 43285) in Milledgeville, Georgia, has been barred from the securities industry, according to his BrokerCheck record accessed on January 22, 2020. This comes in the wake of charges that he committed insurance fraud, alleging bilking $1.3 million from investors. On January 6, 2020, he pled not guilty to the charges, according to the Atlanta Journal-Constitution in a January 13, 2020 article.
What allegedly happened in this case? According to the Macon, Georgia-based news outlet 41 NBC, Dean Grant is accused of stealing $1,374,384.33 from customers, including elderly clients. After telling three victims that he would use their funds to obtain insurance-related investments, he took $589,384.33 from the victims, including $447,589.26 from two elderly customers. He is also accused of taking an additional $785,000 from three other customers under the same guise. Instead of using the funds for investments, he allegedly used it for his own personal enrichment.
The alleged crimes allegedly took place at GFG Strategic Advisors, Grant’s Milledgeville, Georgia-based wealth management firm. In his role at the firm, he provided the following services: estate planning, business continuation, retirement planning, life insurance, financial planning, charitable giving, disability/long-term care, and executive benefits. Dean Grant was previously registered with NYLife Securities in Milledgeville, Georgia. He is currently not affiliated with any brokerage firm. GFG Strategic Advisors was formed in 2008 and has shuttered in the wake of these allegations. Most of the employees of GFG Strategic Advisors have since moved on to Southern Oak Advisory, which was founded in March 2019.
On February 1, 2019, the State of Georgia issued a warrant for Dean Grant’s arrest. Due to his alleged conduct at GFG Strategic Advisors, he was arrested and charged with ten counts of insurance fraud, ten counts of theft by taking (fiduciary), one count of first-degree forgery, and two counts of trafficking an elderly person for financial exploitation. A judge initially denied him bond, but he was ultimately released on $750,000 bond in March 2019, moving from Milledgeville to Roswell, Georgia. He is awaiting trial.
In addition to his legal troubles, Dean Grant also found himself in trouble with FINRA, the Financial Industry Regulatory Authority, the self-regulatory organization that regulates brokers and brokerage firms. On May 13, 2019, Dean Grant entered into an Acceptance, Waiver, and Consent (AWC) with FINRA, consenting to a permanent bar from the securities industry. A copy of the AWC can be viewed here.
On August 29, 2019, the Georgia Commissioner of Insurance revoked Grant’s insurance license. Jim Beck, then the Insurance Commissioner of Georgia, warned residents to call the Georgia Department of Insurance “if you have purchased any sort of insurance product or service with Dean Harrison Grant and find that you do not have coverage.” However, the state cannot help investors recover their money; instead, you should contact a securities attorney.
If Dean Grant was your broker and you have concerns about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta to learn about your options for recovery. Call (877) 238-4175 or email email@example.com for your free consultation with a securities attorney.