Garland Sean James, of New York, New York, a stockbroker formerly registered with Garden State Securities, Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to provide information to FINRA personnel as requested. Letter No. 2015047471301 (Sept. 13, 2016).
FINRA Public Disclosure reveals that James has been identified in ten customer initiated investment related disputes containing allegations of his misconduct while employed with Garden State Securities, Inc., Ladenburg, Thalman & Co., Westrock Advisors, InvestPrivate, Inc., and Gruntal & Co., LLC. Specifically, on February 19, 1999, a customer filed an investment related complaint involving James’ conduct, in which the customer requested $13,000.00 in damages based upon allegations that James failed to execute upon the customer’s instructions to sell shares of Sterling Commerce, which caused the customer to sustain investment losses.
Subsequently, on May 18, 1999, a customer initiated investment related complaint regarding James’ activities was resolved for $5,000.00 in damages based upon allegations that James effected unauthorized transactions in the customer’s investment account. On June 22, 2015, another customer initiated investment related written complaint involving James’ conduct was settled for $5,000.00 in damages based upon allegations that James was responsible for the customer’s investment losses due to margin based purchases of over-the-counter equities, and the customer suffered undue tax liabilities stemming from a distribution from an individual retirement account.
On November 30, 2015, a customer initiated investment related written complaint regarding James’ activities was resolved for $31,110.00 in damages based upon allegations that James provided poor investment advice to the customer, and utilized the customer’s margin in an unsuitable manner in the course of effecting equity transactions. On February 23, 2016, a customer initiated investment related written complaint regarding James’ conduct was settled for $4,500.00 in damages based upon allegations that James effected over-the-counter equity transactions which the customer did not authorize. Moreover, on February 29, 2016, a customer initiated investment related written complaint regarding James’ activities was settled for $30,000.00 in damages based upon allegations that James effected equity trades in the customer’s account which were unsuitable and unauthorized.
FINRA Public Disclosure also reveals that on August 17, 2015, The State of Alaska Division of Banking and Securities imposed cease and desist sanctions against James, and fined him $25,000.00 based upon allegations that James made unsuitable stock recommendations to a resident of Alaska despite James not having been registered to conduct securities business in the state. Case No. 2015-001520 (Aug. 17, 2015).
James was terminated by Garden State Securities, Inc. on November 2, 2015, based upon allegations of James’ solicitation of a resident in a state he was not registered in. Since January 6, 1994, James has been associated with thirteen different broker dealers, ten of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach
The Chief Executive Office of Garden State Securities, Inc. is Louis “Lucky” Perrotto, Jr. Since 2000, Garden State Securities has been subject to twenty regulatory actions by both State and Federal Securities Regulators.
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