Barry Lee Garapedian of Westlake Village, CA, a stockbroker registered with Morgan Stanley, has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Garapedian caused the securities broker dealer to maintain false records or books. Letter of Acceptance, Waiver, and Consent No. 2021070477901 (November 28, 2022).
According to the AWC, from July 2014 through November 2016, Garapedian falsified the representative code for 417 transactions when he was registered with Morgan Stanley. Therefore, Garapedian violated FINRA Rules 2010 and 4511.
FINRA Public Disclosure shows that Garapedian has been referenced in sixteen total customer initiated investment related disputes concerning Garapedian’s conduct while associated with securities broker dealers, including Citigroup Global Markets Inc. and Morgan Stanley. On December 13, 2008, a customer initiated investment related complaint involving Garapedian’s conduct was settled for $1,500,000.00 in damages based upon allegations that Garapedian failed to follow instructions in connection with auction rate securities transactions.
On October 5, 2017, another customer filed an investment related complaint involving Garapedian’s conduct in which the customer requested compensation based upon allegations that Garapedian made unsuitable recommendations of variable annuities and exchange-traded funds.
Garapedian was also referenced in a complaint filed on March 20, 2018, in which the customer requested $106,178.00 in damages based upon allegations that Garapedian made unsuitable recommendations of stocks and closed-end funds.
On November 15, 2018, a different complaint involving Garapedian’s conduct was settled for $110,000.00 in damages based upon allegations that Garapedian charged excessive fees, made unsuitable recommendations, and overconcentrated the customer’s accounts in certain stocks, exchange-traded funds, and closed-end funds.
Garapedian was also referenced in a FINRA securities arbitration claim that was settled for $170,000.00 in damages based upon allegations that Garapedian made unsuitable recommendations of unit investment trusts, exchange-traded funds, and closed-end funds. FINRA Arbitration No. 18-01057 (July 22, 2019).
On February 26, 2021, another customer filed an investment related complaint involving Garapedian’s conduct in which the customer requested compensation based upon allegations that Garapedian made misrepresentations of material fact in connection with the recommendation and sale of investments.
Garapedian was also referenced in a FINRA securities arbitration claim which settled for $1,414,268.49 in damages based upon allegations that Garapedian made unsuitable recommendations of variable annuities and exchange-traded funds. FINRA Arbitration No. 21-01979 (December 5, 2022).
Garapedian was associated with Morgan Stanley in Westlake Village, CA, as a stockbroker from June of 2009 to February of 2021. On January 31, 2021, Morgan Stanley permitted Garapedian to resign based upon allegations that Garapedian submitted transactions in violation of an agreement.
