CUNA Brokerage Services Terminates Brokers Michael Grant, Michal Osgood

CUNA Brokerage Services (CRD#: 13491) is a brokerage firm which is regulated by the Financial Industry Regulatory Authority (“FINRA”). CUNA also does business as an investment adviser firm regulated by the Securities and Exchange Commission (“SEC”).  Apparently, the FINRA BrokerCheck Report for CUNA Brokerage Services shows that both NASD and Florida Department of Banking and Finance (Division of Securities) have fined the firm for regulatory infractions. The firm also paid at least six customer arbitration awards because it committed sales practice violations including misrepresentation and omissions, breach of fiduciary duty and unsuitability. Moreover, CUNA Brokerage Services brokers have made disclosures regarding their alleged misconduct as referenced in terminations and customer disputes. Here is a summary of Michael Grant’s and Michael Osgood’s FINRA BrokerCheck disclosures:
 

CUNA Brokerage Services Terminates Michael Grant For Exercising Discretion

 
Michael Jerome Grant (CRD#: 4468407, Panama City, Florida) is a past general securities representative for CUNA Brokerage Services, Inc. Apparently, Michael Grant worked in the firm’s Panama City, Florida offices from January 13, 2009 to October 31, 2017. Notably, CUNA Brokerage Services permitted Michael Grant to resign for allegedly exercising discretion in customers’ investment accounts. The firm alleged that Michael Grant never had any discretionary trading approval from the customers or the firm. Because of this, CUNA Brokerage Services stated that Michael Grant not only violated the firm’s policy, but supposedly violated FINRA Rules. Moreover, Michael Grant discloses that he was charged three times with engaging in criminal activities; one where person pleaded no contest to committing theft. Subsequently, Michael Grant became a Saxony Securities, Inc. general securities representative. Apparently, he has been working at the firm’s Panama City, Florida offices since April 17, 2018.

CUNA Customer Complains About Michael Osgood’s Investment Recommendations

 
Michael Robert Osgood (CRD#: 5426196, West Des Moines, Iowa) was a general securities representative for CUNA Brokerage Services. between February 26, 2013 and December 2, 2015. Evidently, Michael Osgood’s FINRA BrokerCheck profile shows that at least one of Michael Osgood’s customers disputed his sales practices. Apparently, the CUNA Brokerage Services customer filed a written complaint about Michael Osgood’s activities on February 20, 2017. That customer claimed that Michael Osgood made bad recommendations concerning the customer’s investments in a Midland Fixed Annuity and a Transamerica Variable Annuity. Because of this, the customer alleged $64,798.75 in damages. However, CUNA Brokerage Services denied the customer’s allegations shortly thereafter.

Investors who suffered losses from CUNA Brokerage Services securities brokers including Michael Grant and Michael Osgood can call Soreide Law Group at (888) 760-6552 to speak with experienced counsel about possibly recovering investment losses. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms. Soreide Law Group represents clients on a contingency fee basis and advance all costs.