Garrett Andrew Ahrens, of Lafayette, Louisiana, a stockbroker formerly registered with LPL Financial, LLC, has been named in a customer initiated investment related written complaint on October 22, 2015, in which the customer requested damages estimated to be greater than $5,000.00 based upon allegations that Ahrens effected the unsuitable switch of policies issued by Navy Mutual with other variable annuity products.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Ahrens has been identified in eight additional customer initiated investment related disputes containing allegations of his misconduct while employed with Linsco Private Ledger Corp., Balentine & Company, LPL Financial LLC, and Edward Jones. Specifically, on December 23, 2011, a customer initiated investment related arbitration claim involving Ahrens’ conduct was settled for $875,000.00 in damages based upon allegations including violation of federal and state statutes, misrepresentation, negligence, breach of fiduciary duty, breach of contract, and unsuitability in connection with the customer’s real estate investment trust transactions.
Subsequently, on April 21, 2014, a customer initiated investment related arbitration claim regarding Ahrens’ activities was resolved for $97,500.00 in damages based upon allegations that Ahrens omitted information from the customer concerning real estate investment trust and limited partnership interest products, and effected unsuitable transactions in the customer’s investment account.
Apparently, FINRA issued a Wells Notice on August 4, 2015, indicating that Ahrens was potentially facing disciplinary action for alleged wrongdoing. Ahrens’ registration with LPL Financial LLC was terminated on August 18, 2015, based upon allegations that he engaged in conduct concerning customer’s consolidated reports in a manner which was potentially violative of FINRA Rules 2010 and 2210. A day later, Mutual Securities, Inc. terminated Ahrens based upon allegations that he was not allowed to have a supervisory position with the firm based upon the August 4, 2015 Wells Notice.
Moreover, Ahrens was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that sixty-five consolidated reports had been prepared by Ahrens for four of his customers in a manner that had not accurately portrayed the customers’ accounts values on their real estate investment trust and private placement investments. Letter of Acceptance, Waiver and Consent, No. 2013036001201 (Oct. 6, 2015).
According to the AWC, the reports that Ahrens prepared for customers were misleading and false based upon the values of customers’ investments having been presented by Ahrens as much greater than the realistic values of customers’ investments. Consequently, FINRA found that Ahrens’ conduct of furnishing misleading reports was violative of FINRA Rules 2010, 2210, as well as NASD Rule 2210.
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