Welcome to Financial Advisor IQ
Follow

Ex-FA Arrested over Allegedly Siphoning Money from Elderly Clients

February 6, 2019

Local authorities in Georgia have arrested a former financial advisor who allegedly fleeced several clients, two of whom were elderly, according to local news reports.

Dean Harrison Grant, who is affiliated with GFG Strategic Advisors, faces three counts each of insurance fraud and theft by fiduciary, as well as one count of forgery in the first degree and two counts of trafficking a disabled or elder person or resident, according to court records and Baldwin County Sheriff Bill Massee, the Union-Recorder writes.

Baldwin County Sheriff’s Office Detective Capt. Brad King tells the paper the investigation was tipped off by a local estate attorney who was performing estate planning for a widow.

The attorney alerted the sheriff’s office to a lack of yearly statements and other literature that was supposed to be sent to her from an account she supposedly had, according to the Union-Recorder.

The client had allegedly invested $225,000 with Dean Grant Financial, which in turn then paid checks ranging from $10,000 to $25,000 directly to Dean Grant, King tells the paper.

Grant became a registered representative in 1992 and spent 21 years with NYLIFE Securities before joining M Holdings Securities in 2014, according to BrokerCheck.

(Getty)

His registration there ended Jan. 25 and he never registered with another firm, according to his profile. Grant has a customer dispute on his record dating back to 1999 that was denied by the firm after a review of allegations that Grant had promised to transfer a client’s policy at no cost and that the policy would renew itself without premium payments, according to BrokerCheck. Grant also has three tax liens on his record starting in 2017, ranging from $4,309 to $122,540.

By Alex Padalka
  • To read the Union-Recorder article cited in this story, click here.