Michael Grady: $1.4mm GWG Complaint Against American Trust Advisor

Lisle, Illinois financial advisor Michael Grady (CRD# 1392784) recently received an investor complaint alleging that his advice resulted in seven-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker with American Trust Investment Services and an advisor with Asset Strategies, American Trust Investment Services Advisory, and Chicago Capital Management Advisors.

Mr. Grady’s BrokerCheck report discloses one investor complaint. Filed in July 2024, it alleges that as a representative of American Trust Investment Services, he recommended an unsuitable investment in GWG Holdings, omitted material facts, failed to conduct due diligence, and violated the SEC’s Regulation Best Interest. The pending complaint alleges damages of $1,475,000.

In a statement included with the complaint’s disclosure, Mr. Grady pushed back against the allegations. “The Lead claimant invested prior to my associaction [sic] with ATIS,” it states. “After I associated with ATIS my only activites [sic] were to conduct tirciary reviews through special supervision. The claimants signed unsolicited letters stating, in part, that they had conducted their own due diligence in addition to our disclosure documents; they had the knowledge and competencies to review the offering documents; they had financial warewithal [sic] sufficient to weather the risk; and the firm recommended they diversify but they chose not to.”

According to the Financial Industry Regulatory Authority, Michael Grady holds 39 years of securities industry experience. Based in Lisle, Illinois, he has been registered as a broker and an investment advisor with American Trust Investment Services since 2019. His past registrations include LaSalle St. Securities, Madison Securities, Lexington Securities, AG Edwards & Sons, Vanderbilt Securities, BC Financial Corporation, Wall Street West, and Blinder Robinson & Company. His credentials include the passage of eight securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Registered Options Principal Examination, or Series 4; the Financial and Operations Principal Examination, or Series 27; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Limited Representative-Private Securities Offerings, or Series 82TO; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Arizona, Arkansas, California, Colorado, the District of Columbia, Illinois, Florida, Indiana, Michigan, New Hampshire, North Carolina, Ohio, Oregon, Pennsylvania, Texas, and Wisconsin. (Information current as of August 17, 2024.)

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