Stanley Scott Garrison, of Bakersfield, California, a stockbroker formerly registered with LPL Financial LLC, has been fined $10,000.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in outside business activities that were not approved by the firm and falsified information to the firm regarding his conduct. Letter of Acceptance, Waiver and Consent, No. 2015046500801 (Aug. 3, 2017).
According to the AWC, Garrison pursued a business activity during the time that he was registered with LPL Financial, in which he was compensated by SCMIS for facilitating customers’ purchases of equity indexed annuities and insurance products. Apparently, the business activity with SCMIS was not made known to LPL. Consequently, he was found by FINRA to have violated FINRA Rules 2010, 3270 and NASD Rule 3030.
Moreover, the AWC stated that Garrison was administered compliance questionnaires by LPL Financial in 2011, 2012 and 2014, wherein Garrison falsely claimed that he had not effected business activities away from LPL. Particularly, he indicated that he had not engaged in equity indexed annuity transactions outside of the firm. Garrison’s conduct was found by FINRA to be violative of FINRA Rule 2010 in this regard.
FINRA Public Disclosure reveals that Garrison has been identified in four customer initiated investment related disputes regarding allegations of Garrison’s misconduct while employed with Prudential-Bache Securities, Inc., FSC Securities Corporation, and Dean Witter Reynolds. Specifically, on November 9, 1999, a customer initiated investment related written complaint involving Garrison’s conduct was settled for $10,500.00 in damages based upon allegations that he made misrepresentations to the customer concerning a variable annuity product. Subsequently, on July 22, 2005, a customer initiated investment related civil action involving Garrison’s conduct was settled for $29,500.00 in damages based upon allegations that he unlawfully sold customers fixed annuities that were not suitable for them.
Garrison’s registration with LPL Financial LLC was terminated on August 7, 2015.
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