GROVE POINT INVESTMENTS, LLC

Discharged

Investigation determined that the Representative charged excessive commissions and engaged in unapproved discretionary trading.

Client alleges that Financial Professional misrepresented a transaction-based compensation arrangement as a performance-based compensation arrangement, placed discretionary trades without the client's prior permission, and churned the client's account. Timeframe is May 25, 2022 to May 25, 2023.

$150,000.00

$41,850.18

Client alleges that Financial Professional placed discretionary trades, without the client's prior permission, in stocks that were inappropriate in relation to the client's stated risk tolerance. Timeframe is January 17, 2023 to May 25, 2023.

$30,000.00

$30,000.00

I do not agree with the allegations made by the client, the client signed all necessary paperwork to establish a transactional-based commission account. All trades were placed with the express consent of the client. The client had made a sizeable gross return in relation to trade commissions.

Clients allege that former representative incorrectly explained GMWB optional rider benefit purchased with $200,000 VA investment in September of 2020, resulting in clients mistakenly believing that they could receive $2,000 per month in guaranteed lifetime withdrawals through the benefit without penalty or impact to benefit. Clients have requested restoration of principal loss and cancellation of contract.

$38,000.00

$38,955.68

Based on information provided by the client, I believe the investment vehicle that was recommended met all of the client's financial needs and objectives in alignment with their risk tolerance. I adhere to regulatory standards and guidelines and take my responsibility to my clients seriously. At no point during the process of investment selection and recommendation were inappropriate guarantees made. These allegations have been made only after my departure from my previous Firm and, I believe, are a result of the lack of service, care and attention to the client's needs, subsequent to my departure.