James Grimes


October 29, 2014

Type of alert:


James Grimes of Cecil Township, Pennsylvania has been accused of stealing more than $313,000. Grimes was first registered as a General Securities Representative in June 2001. From January 2007 to February 2010, Grimes allegedly acquired $306,000 from three different clients without their consent. Instead of using client funds for investments, he cashed several checks for personal use, totaling $250,446. In addition, Grimes also failed to report his income on a tax return from 2007 through 2009. On October 25, 2012, Grimes was permanently barred from FINRA from associating with any member firms. Under Pennsylvania law, Grimes could face 89 years in prison and a $1.75 million fine, contingent upon prior criminal history.

This is not the first time Grimes has been in trouble. The Financial Industry Regulatory Authority, or FINRA, fined him $9,693 in 2008. In the customer complaint, Grimes allegedly sold unsuitable and illiquid investments while associated with Financial Investment Network Corporation in Sewickley. Grimes has worked at several brokerage firms including: Triad Advisors, Inc. in Clarksville, Maryland, Pennsylvania, and Edward Jones in Bridgeville, Pennsylvania. He was also previously employed by American Management in Pittsburgh, Pennsylvania. Before being barred from FINRA, he served as Partner/Vice President and COO/CIO of KG Wealth Management, Inc., a Maryland based investment and insurance company.

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