Andrew Garrett Inc. a FINRA broker-dealer located in New York New York has been fined $10,000.00 and censured by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that customers had been overcharged on equity transactions. Letter of Acceptance Waiver and Consent No. 2015043325601 (June 29, 2018).
According to the AWC, between June 17, 2013 and May 27, 2016, customers had been charged commissions on equity transactions that were not reasonable nor fair according to National Association of Securities Dealers (NASD) IM-2440-1(b). The firm reportedly charged between five percent and sixty-five percent in commissions on one hundred twenty eight transactions. Consequently, FINRA found the firm’s conduct violative of FINRA Rules 2010 and 2121, as well as NASD IM-2440-1 and NASD Conduct Rule 2440.
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