FINRA Bars Former SagePoint Brokers Cynthia Komarek & Grant Birkley

Cynthia Komarek & Grant Birkley, two brokers formerly registered with SagePoint Financial of Barrington, IL, were terminated on the same day after the firm discovered that they were engaged in making referrals to an outside asset manager who was not approved by the board.

Cynthia Komarek (CRD#: 1188714, aka (Cynthia Ann Brown, Cynthia Brown-Komarek, Cynthia Brown Komarek, Cynthia Brown Pearson) is a former registered broker and investment advisor last employed with SagePoint. Her previous employers include Wells Fargo Clearing Services, LLC (CRD#:19616) of Woodstock, IL., Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of Crystal Lake, IL., and Lehman Brothers Inc. (CRD#:7506), of New York, NY. She has been in the industry since 1983.

Grant Birkley (Grant Christopher Birkley CRD#: 2933533) is also formerly registered with SagePoint, Wells Fargo, and Merrill Lynch at the same time as Komarek. He has been in the industry since 1998.

Two client disputes were filed on the same day for both Komarek and Birkley. In Komarek’s case, they total $2,330,000:

8/13/2020: Recommendation of an inappropriate fund that was not board approved with requested damages of $900,000
8/31/2020: Allegation of inappropriate involvement in sale of an unapproved investment product with requested damages of $1,430,000

Birkley has two similar disclosures totaling $3,830,000:

8/13/2020: Recommendation of an inappropriate fund that was not board approved with requested damages of $2,400,000
8/31/2020: Aallegation of an inappropriate involvement in sale of an unapproved investment product with requested damages of $1,430,000

SagePoint terminated both Komarek and Birkley on 8/19/2020 for referring clients to an asset manager outside of the firm that was not previously approved by the board.

After their discharge, SagePoint provided their Uniform Termination Notice for Securities Industry Registration (Form U5) termination forms to FINRA. Both admitted to making the outside referrals without approval.

FINRA then sent letters requesting information and documents relevant to the investigation on April 13, 2021. On May 10, 2021, FINRA was notified in a phone call from counsel for both Komarek and Birkley that they would not be providing any information at any time.

After their refusal, Komarek and Birkley were indefinitely barred from any affiliation with a FINRA broker in any capacity.

Neither Komarek nor Birkley have any previous disciplinary history.

Did You Invest With Cynthia Komarek Or Grant Birkley?

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today at (800) 975-4345 and let us know how we can help.