Garland Sean James (also known as Gary James) a stockbroker formerly registered with Garden State Securities and Global Arena Capital Corp has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon accusations that he neglected to cooperate with the terms of a FINRA Arbitration Award in which he was found liable for churning and excessive trading in a customer’s account. FINRA Case No. 17-00537 (Dec. 18, 2019). According to the claim, the customer had also been placed into unsuitable securities including options, stock and over the counter equities during the time that James was associated with Garden State Securities.
This is not the first time that James has been sanctioned by the regulator. He was previously sanctioned on December 7, 2018 founded on allegation of his failure to correspond with FINRA regarding his responsibility to pay compensatory damages to a customer who experienced losses on his watch. FINRA Case No. 18-00763. According to the claim, a fiduciary duty that was owed to the customer had been breached. Common and preferred stock along with over the counter equities transactions had allegedly been unsuitable for the customer. The stockbroker has also been barred from associating with any FINRA member in any capacity on September 13, 2016 supported by allegations of James’s failure to respond to a request for information. Case No. 2015047471301.
FINRA Public Disclosure also confirms that James has been identified in thirteen customer initiated investment related disputes involving accusations of his misconduct while he was employed by securities broker dealers including Garden State Securities. James is referenced in a customer initiated investment related written complaint which was settled on February 23, 2016 to resolve allegations that unauthorized trades were effected in the customer’s Garden State Securities account resulting in losses.
On February 29, 2016, another customer initiated investment related complaint regarding James’s conduct was resolved for $30,000.00 in damages based upon accusations that unsuitable and unauthorized over the counter equities trades were executed in the Garden State Securities customer’s account by the stockbroker. On June 12, 2017, a customer initiated investment related complaint concerning James’s activities was settled for $72,000.00 in damages founded on allegations that the customer’s investment instructions were not followed and that his investment advice at Garden State Securities led the customer to purchase unsuitable over the counter equities that resulted in losses for the customer’s investment account.
