The Securities and Exchange Commission (SEC) brought a complaint against Benjamin Lee Grant, a registered investment advisor, in September 2010, alleging that he had engaged in a scheme to move customer money to Sage Advisory Group. Sage Advisory Group was an RIA he opened in Boston. Grant and his firm were found liable for fraud in August of the same year. The SEC also charged him with failing to alert clients about his father’s bad record. Jack Grant, was a former broker, barred from the industry. Grant and his former company were held liable for more than $1 million, $500,000 in disgorgements, $51,380 in prejudgment interest, and $500,000 in civil penalties.
The younger Grant, who previously worked for Wedbush Morgan Securities, told his clients that their accounts were under the advisement of First Wilshire Securities Management, a firm where he worked prior to Wedbush. He then told the clients they would have to leave Wedbush and transfer their assets quickly to his new company, Sage Management. Many of his clients were referred to him by his father, Jack Grant, even though he was not allowed to make recommendations, because he had been barred from the industry.
If you made investments with Benjamin Lee Grant, or his father, Jack Grant, please call Stoltmann Law Offices at 312-332-4200 to speak to an attorney. We may be able to help you recover any investment losses you may have suffered at the hands of Benjamin Lee Grant or Jack Grant.