CHICAGO – Grigsby & Associates Inc. owner Calvin Grigsby faces a December hearing on accusations leveled by Illinois Secretary of State regulators that the firm failed in its fiduciary duty when it advised the Illinois Student Assistance Commission to invest in ShoreBank Corp., which later failed.

The complaint also alleges other securities violations against Grigsby and the San Francisco-based firm, including that Grigsby failed to properly oversee the former public finance banker in the firm’s Chicago office who obtained the ISAC advisory business.

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