NOTE: Stipulations of Fact and Consent to Penalty (SFC); Offers of Settlement (OS); and Letters of Acceptance Waiver, and Consent (AWC) are entered into by Respondents without admitting or denying the allegations, but consent is given to the described sanctions & to the entry of findings. Additionally, for AWCs, if FINRA has reason to believe a violation has occurred and the member or associated person does not dispute the violation, FINRA may prepare and request that the member or associated person execute a letter accepting a finding of violation, consenting to the imposition of sanctions, and agreeing to waive such member's or associated person's right to a hearing before a hearing panel, and any right of appeal to the National Adjudicatory Council, the SEC, and the courts, or to otherwise challenge the validity of the letter, if the letter is accepted. The letter shall describe the act or practice engaged in or omitted, the rule, regulation, or statutory provision violated, and the sanction or sanctions to be imposed.

John Maraldi Grover III
AWC/2010022180101

Grover borrowed $67,326.68 from a customer contrary to his member firm’s prohibition of registered persons from borrowing money from customers. Grover signed and dated a form acknowledging that the firm prohibited its representatives from borrowing money or securities from a client. In light of the fact that the customer was not a member of Grover’s immediate family and was not in the business of lending money, his Firm did not approve the loan. 

John Maraldi Grover III : Fined $5,000; Ordered to pay $67,326.68 plus interest as restitution to a customer; Suspended 90 days.

Tags: Borrowed